The number of fraud threats you need to be aware of and monitoring for during the new account opening process is climbing rapidly. Financial account opening requires institutions to perform a series of risk assessments and compliance checks across the acquisition and origination process points. This often translates into requiring a significant amount of consumer information to make an informed decision. With most dealing with aggressive origination targets, every abandoned application effects your bottom line.
With Experian’s new account opening solutions, you can decrease your customer acquisition costs, reduce false positive rates, and save your manual reviews for when you really need it. Our covert, digital assessment moves good prospects through the application process seamlessly while spotting patterns of suspicious activity and monitoring digital intelligence and identity attributes to protect your business against fraudsters.
In this paper, we take a brief look back at where fraud prevention started and explore the evolution our industry must embrace to balance business growth with consumer safety and security.
Top market drivers in financial account opening.