Signals and compliance: Addressing the problem of new account fraud Sponsored by jumio
In fact, 48% of all fraud value stems from accounts that are less than a day old and Experian’s 2020 Global Identity and Fraud Report found that 57% of businesses report higher fraud losses associated with account opening and account takeover than other types of fraud.There are 15 red flags that banks can watch out for when a new customer is opening an account, according to the, such as mismatched names and addresses.
These services help bankers and their underlying systems become more efficient and smarter while also delivering some other compelling benefits:Some regional regulations require you to validate addresses and establish proof of residence using independent public sources. This is especially helpful in the UK where Financial Conduct Authority regulations require FIs to collect two different documents .
The most comprehensive way in which to combat new account fraud without negatively impacting the end user experience is with a holistic, multi-layered approach to onboarding. The combination of identity verification and address services helps organizations corroborate digital identities, combat new account fraud and keep their CRM data clean.
Organizations want to have higher levels of assurance when they onboard new customers, but this is becoming increasingly difficult with increasingly sophisticated fraud tactics. Layering in address services helps triangulate a user’s digital identity with higher levels of assurance.
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