What do credit card fraud, money laundering and first-party check fraud have in common?
They are all facilitated by account opening fraud.
Account opening fraud is booming—and its impacts are far reaching. In fact, 81% of financial institutions say it increased in the wake of the pandemic and the upward trend is continuing.1
At first glance, account opening fraud may seem relatively harmless. But the act of falsifying an application to open an account is rarely the end game. Rather, it’s a gateway crime that enables bad actors to commit more costly and dangerous offenses down the road.
Preventing account opening fraud is essential to stopping a whole host of follow-on financial crimes and effectively combatting bad actors. Download the guide for five best practices that will level-up your new account fraud prevention strategy.