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Use CaseKYC | New Account Fraud

Being careless with paper mail and other financial documents.

Posting too much information onsocial networking web sites.

Not taking precautions when travelingor using public wi-fi.

Being careless about web sites, emails and attachments.

Failing to keep their identity private.

Divulging information to phoneand internet scammers.

Traditional ID verification has given birth to synthetic identity and automated attacks. Fraudsters rely on the widespread industry practice of simply verifying personally identifiable information (PII) to determine the identity of an applicant.

DData breaches, data spills and malware combinedwith many creative methods of consumer fraud and social engineering are the causes of New Account Fraud.

1 out of 10 new accounts are fraudulent.

Consumer education is the only proven method to help people avoid these mistakes:

Bust-out fraud - Criminals will make small deposits and withdrawals over time in order to establish a pattern, build trust and establish credit.

Intermediary account fraud - Fraudsters are leveraging the breadth of PII at their disposal to open new accounts.

Automated attacks - A viable method for completing applicapplication fraud when the issuer relies strictly on the verification of PII.

Regulatory compliance - FIs are required to comply with strict regulation on identifying their customers (KYC / CIP) and are liable for mistakes and inaccuracies.

Mobile capture - Many fraudulent new accounts are opened through online banking, telephone banking, or maior mail. Checks deposited into a fraudulent new account are often stolen and forged, counterfeit, or drawn on fraudulent accounts at other financial institutions.

Synthetic Identity - The NAF goes unnoticed longer.

New Account Fraud Scenarios

Fraud preventionawareness will reduce New Account Fraud.

Consumer Awareness

People Make Mistakes Everyday