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08/21/2019
Outflanking fraud and fakers: How biometrics can safeguard online account opening
BAI Banking Stratetgies
Thinking of opening a new bank account? If so, chances are the process will be online. The days of going in person to the branch with a handful of paper documents may be all but over. Yet the online experience may not be as fast as you expect—and unlikely to match the ease of interacting with online retailers and other service providers.
The reason? Bots and individuals can use stolen or created personas to open credit and deposit accounts—and financial institutions must clearly guard against this. In 2018, losses due to account takeover totaled $4.0 billion, and new account fraud losses totaled $3.4 billion, according to Javelin’s 2019 Identity Fraud Study. And 55 percent of businesses had seen an increase in online fraud-related losses over the past 12 months, mainly due to account origination and account takeover attacks, according to Experian’s 2019 Global Identity and Fraud Report, based on survey responses from 10,000 consumers in 21 countries.
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