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Best practices for new account opening: Managing fraud in the digital age

Over the past year-plus, your institution has likely—out of necessity—accelerated your shift to digital.

If you’re like many financial institutions, the pandemic-driven pivot to digital exposed critical gaps in your account opening processes. Aite Group research1 reveals that during the pandemic:

  • 78% of FIs experienced increases in application fraud
  • 21% of FIs saw application fraud rates increase by more than 10%
  • Identity theft losses increased to $712.4 billion

 

Is it time to update your identity verification solution?

Download the latest Early Warning® eBook to understand common deficiencies in digital account opening processes—and discover the surprisingly simple best practices for addressing them.

1Application Fraud: Trend Analysis and Mitigation Challenges, Aite Group, November 2020

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As the network operator of the National Shared Database℠ and the creator of the Zelle Network®, Early Warning® is known for building network-driven solutions that transform everyday customer experiences, mitigate risk and facilitate regulatory compliance. Watch and learn how the power of our global connectivity in digital banking can enhance your financial institution through the lens of a consumer's common banking interactions.
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