Best practices for new account opening: Managing fraud in the digital age
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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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A Texas car and motorsports entrepreneur orchestrates a scheme to check kite $114 million, fooling investors and his business partner that he’s running a thriving business.

Learn more about Real-time Deposit Chek® Service as a tool to confirm the status of an account, predict the likelihood that an item will return, while validating the external account is owned by the customer requesting the deposit transaction.

A bank uses predictive intelligence from the National Shared DatabaseSM resource to prevent deposit fraud.  
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As much as customers love variety in banking, so do fraudsters. With the emergence of omni-channel banking, scammers have found ways to leverage each new channel for fraud - and deposit fraud is one of the most common tactics. It’s a persistent and challenging issue that can have a major impact on customer trust, employee morale, brand reputation, and even your FI’s bottom line.