With digital account opening becoming the norm, financial institutions face pressure to detect fraud at the point of onboarding.
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.
The term “Digital Identity” has been popularized to link a consumer to his or her transactions online.

The right outfit. A firm handshake. A beaming smile. In life, first impressions matter. While studies don’t agree on the exact number, you have roughly 30 seconds to impress someone you’ve just met. You may have a little more than a few seconds in...

New Account Scores address CFPB concerns while extending fraud management

According to Aite Group, “application fraud continues to be a significant problem for financial institutions across the U.S.” Undoubtedly, the continued prevalence of identity crimes is only exasperating the problem. Between data breaches...

Charlotte, NC

Levvel and Early Warning Services, LLC, the network operator behind Zelle®, today announced an agreement establishing Levvel as an official professional services provider for the Zelle Network®

This agreement provides Zelle...

Early Warning has earned the top spot as a Digital Identity Provider in PYMNTS.com July 2016 edition of its Digital Identity TrackerTM"
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.
Watch this video to learn more about new account fraud and how Early Warning's solutions can help solve for this growing threat.
The methodology and the technology that banks use to screen and validate new account applicants should have a dual purpose
As FIs seek to balance fostering new account openings and growth (often in a faceless environment) with fraud and risk mitigation, we are seeing account declinations related to account abuse significantly decline and the reliance on industry collaboration and advanced technology increase.