Digital account openings are increasing, with 37% of all checking account applications coming through the digital channel in 2022 according to research by Aite-Novarica. But as the industry is shifting to digital, so are fraudsters. Aite’s research also found that online account openings are riskier for banks, with a fraud rate 2.5 times higher than those accounts opened in a physical branch.1
Our VP of Product Management, Robin Love, sat down with iSMG to discuss how banks can look at new account fraud prevention holistically using a solution that can identify behaviors that are indicative of first party fraud and account mismanagement.
Taking a holistic approach using a product like Early Warning’s Predict New Account Risk helps banks and credit unions:
- Bolster loss prevention strategies to address evolving fraud tactics without adding friction to new account opening process
- Grow market share and increase financial inclusion by assessing an applicant’s risk in greater context
- Balance risk, efficiency, and compliance