With digital account opening becoming the norm, financial institutions face pressure to detect fraud at the point of onboarding.
The term “Digital Identity” has been popularized to link a consumer to his or her transactions online.
Opportunities for new account fraud are further exacerbated by the growing number of digital-native millennials, or consumers that prefer to conduct commerce in the online and mobile channels.
In an increasingly faceless environment, validating a consumer’s personally identifiable information, their devices and related risk is vital to ensure the optimal customer experience as well as safety and soundness in the financial system.
As the digital economy grows and evolves, it has become increasingly difficult to protect sensitive information, while also meeting customers’ expectations for fast, easy online experiences.
By 2020, application fraud losses related to demand deposit accounts are projected to exceed US$636 million, a costly problem indeed.
Watch this video to learn more about new account fraud and how Early Warning's solutions can help solve for this growing threat.
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In February 2016, the Consumer Financial Protection Bureau (CFPB) issued letters to 25 banks and credit unions to encourage the offering and marketing of lower-risk deposit account products (checking accounts or prepaid accounts) to improve consumer access to the banking system on a broader scale.
Early Warning, a leader in fraud prevention and risk management, today announced that its Account Owner Authentication (AOA) for Government solution suite is now available to help prevent the growing instances of tax refund fraud.
The methodology and the technology that banks use to screen and validate new account applicants should have a dual purpose
FIs must use new techniques to ensure they know who they are dealing with in the online and mobile channels.
In a recently published study, over 40% of FIs in every category with the exception of the largest FIs already offer some type of second chance account.
New Account Scores address CFPB concerns while extending fraud management