Application fraud is a major challenge whether financial institutions are processing requests for demand deposit accounts, credit cards, or consumer loans.
Overcoming the Identity Challenge, written in collaboration with Aité Group, highlights practical solutions to detect application fraud.
Today seventy six percent of financial institution executives identify first party fraud, data breaches and social engineering as three of their top pain points that lead to application fraud. The challenge goes beyond fraud prevention; however, as executives also need to consider customer experience, operational efficiency and employee satisfaction.
Executives understand a modern approach is needed to combat the ever changing landscape of origination and application fraud.
Our analyst paper will be even more useful if you have a focus on following:
How are fraudsters able to successfully commit application fraud? The most common fraud prevention challenges, ranked in order of severity by FI executives, include:
Learn more about these and other common problems - and how to protect your business and your customers against them.
With identity crimes increasing, finance executives need solutions that go beyond simple rules to enable them to keep false positive rates low while detecting the fraud that is increasingly pervasive.
Many FIs have turned to implementing additional technology solutions to defeat fraudsters from successfully opening new accounts. According to Aité Group the use of machine learning and behavioural biometrics is expected to grow because they improve security without introducing friction into the process.
As faceless delivery channels—online, mobile, and contact centers - become the norm it creates opportunity and challenges. Each organisation must have a unique strategy to authenticate customers and ensure applicants are who they claim to be.
Orchestrating identity authentication with the right tools and data can improve the customer experience while still adding an extra layer of security.