Get Ahead in the Fight Against Digital Account Opening Fraud

Executive Report

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As our world becomes more digital, so too does banking. While services like viewing your balance or making a payment has been the norm for many years, the ability to open an account digitally lagged behind. Currently, only 56% of financial institutions allow digital account opening, but that number is expected to increase as more banks and credit lenders meet the expectations of their customers and adapt to the digital acceleration that has resulted from the COVID-19 pandemic.

While digital account opening has many advantages, like a significant decrease in onboarding costs and the ability to cater to customers’ schedules it also introduces the risk of fraud. The ability to detect and prevent digital account opening fraud, specifically synthetic identity fraud, has made it difficult for many financial institutions to offer online account opening to their customers.

Criminals may purchase personally identifiable information on the dark web, normally resulting from a data breach, or they may “steal” a victim’s identity, many times through social engineering tactics like phishing, smishing, and vishing to create a synthetic identity. They then use that synthetic identity to open a bank account, apply for a credit card, or establish a line of credit.

Download this complimentary Executive Report on this page

to learn the best practices for reducing digital account opening fraud including:

  • What is causing a rise in synthetic identity fraud
  • How to fight back
  • How legitimate users behave

Need to fight digital account opening fraud in your organization?

Enable genuine applicants to receive an optimal customer experience and proceed with little to no friction at all. At the same time, mitigate risk when suspicious patterns and attack vectors arise.

Accertify Digital Identity provides a multi-layer defense against account opening fraud for banks and credit unions.