During the COVID-19 pandemic, stimulus fraud was rampant. Now, building on the success of pandemic-driven tactics, fraudsters are turning their attention to new account openings.
As account openings surge and application processes continue to move to digital channels, criminals are exploiting weaknesses in traditional fraud prevention strategies.
This eBook explores the rising threat of application fraud in the banking industry and the most common tactics used by fraudsters. It also looks at the top concerns of fraud executives at financial institutions, who are investing heavily to combat this type of fraud by improving their identity authentication and verification technology.
As banks take steps to modernize their fraud prevention strategies, mitigating application fraud risk should be a critical objective - but it’s only part of the equation. Financial institutions must also ensure that their fraud risk controls don’t slow down the customer onboarding process.
Predictive intelligence is the key to smarter account opening decisions, providing a more nuanced view of applicants’ account history and behavior, beyond binary decisioning.
Download the eBook to discover how your bank or credit union can make smarter account opening decisions with predictive intelligence.