Digitization and the ability to open a new account from anywhere creates opportunities for consumers and fraudsters alike. This creates challenges for financial institutions to quickly spot the difference.
If FIs make the wrong call and decline a real applicant, they risk losing a potential lifelong customer and damaging their reputation. In the same vein, if they unintentionally allow a fraudster or bot through the door, there is an unlimited amount of financial damage to be reconciled. This indefinite chase exhausts investigators and chips away at FIs’ bottom lines.
Download our solution sheet to learn how Feedzai’s Account Opening solution:
- Uses a risk-based approach to streamline account opening processes
- Establishes a rich baseline of customer profiles using diverse fraud data
- Detects high risk applicants early and lets genuine applications pass
