The online account creation process can either initiate a lifelong relationship with a legitimate customer and their financial institution. On the other hand, it can also give criminals an opening to create fake accounts, commit money mule activity, exploit promotional offers, or abuse financial services.
Fraudsters use stolen personally identifiable information (PII) (e.g., social security numbers, credit cards, and social media data), synthetic identity fraud, and bots to commit new account frauds digitally. Too often, new account fraud can go undetected for months after account creation – leading to serious financial losses for banks.
Download our solution sheet to learn how Feedzai’s New Account Fraud solution:
- Identifies fraudulent applications
- Streamlines the digital account opening process
- Improves operational efficiency and save costs
