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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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