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
Download the eBook
By submitting the form below, you agree that the information you have provided is subject to our Privacy Policy.