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