Annual application fraud losses have risen from $1.4 billion in 2015 to $2.5 billion in 2019 (both DDA and credit card accounts) and are projected to reach more than $4 billion by 20231
In the past year, the driving narrative for financial institutions (FIs) of all sizes has been the increased utilization of digital banking services resulting from the pandemic. With today’s increasing fraud rates, FIs need to keep pace with the evolving landscape by updating their fraud mitigation tools to keep up with faster money movement, online account opening fraud and increasing check fraud. By verifying account information, identifying high-risk payments in real-time and making funds available as quickly as possible, FIs can build trust and elevate their relationship with their customers.
Watch on-demand as experts discuss the evolving fraud landscape and top ways financial institutions can reduce risk while also elevating customer relationships.
During this discussion, you’ll learn:
- The types of application fraud and how it diverts funds and attention away from reducing risk
- How to keep up with online account opening fraud, increasing check fraud and faster money movement
- Best practices to reduce fraud and increase trust with customers
1Application fraud: Trend Analysis and Mitigation Challenges. Aite Group, November 2020.