Bring New Account Fraud to an End
New Account Fraud is commonly the gateway to follow-on crimes and is a growing concern for businesses that process transactions online. Traditional fraud prevention measures are often too little, too late. Banks, credit card issuers and other data brokers have been forced to look for new ways to verify identities and better manage alarming rates of fraud in digital transactions.
Though it seems easier to open a new bank account or apply for a new credit card or insurance policy online, it’s still a complex, time-consuming process — especially for genuine users. If you’re a fraudster, however, you’re prepared.
Fraudsters obtain personal data, including social security numbers, emails, home addresses, phone numbers, and device/network attributes, through various techniques, like phishing and social engineering. Sometimes they combine real personal information and false details to forge synthetic identities.
By combining deep domain expertise and an understanding of user behavior in context, BioCatch deploys advanced AI and machine learning solutions to see through fraudsters’ tactics and stop new account fraud before it translates into bigger losses.
How Does BioCatch Stop New Account Fraud?
- Analyzes data entry patterns to suggest the user is not familiar with the data entered. For example, the user employs tactics associated with expert users and fraudsters and exhibits high familiarity with the application itself. Both are highly unusual for legitimate users.
- Generates real-time risk scores and indicators
- Integrates into third-party identity proofing platforms