How to Prevent New Account Origination Fraud
As a business, you want to provide the best new account origination opening experience possible for your customers. This involves a high-quality digital onboarding process (which is usually augmented by an in-person face-to-face meeting), clear and concise product descriptions, a quick application process that satisfies new account origination compliance requirements, and a follow-up process to see how customers are doing.
Navigating New Horizons: A Guide to Smooth New Account Origination
Despite this, many consumers are let down by their online experiences, especially when they’re applying for a new credit card or bank account. This may be because they develop high expectations from a marketing program or recommendation from a financial adviser, and are then let down when they start the process in a digital setting.
New account fraud is a huge problem for businesses. It’s the foundation for a wide range of downstream attacks, from using fake profiles on dating apps to send phishing messages; creating bogus accounts on gaming platforms to accrue in-game assets; or committing identity theft or synthetic ID fraud to obtain loans and credit cards.
This is why it’s important to protect your customer’s data from the moment they sign up. This is where a strong risk engine and fraud detection is key to prevent new account fraud before it happens.
With Kount, you can use our AI to quickly flag suspicious individuals at the point of digital onboarding. Our technology analyzes billions of data elements to produce the most accurate customer personas and risk assessments, so you can weed out the bad users before they can get into your system.