New Account Fraud: Verify, Monitor and Trust

The proliferation and commoditization of Personally Identifiable Information (PII) on the dark web means that sophisticated fraud schemes that center on stolen and synthetic identity have run rampant. As consumers demand rapid digitalization, banks must adopt near frictionless digital banking experiences – all starting with new account opening processes.

Unfortunately, market events and a fragmented, siloed approach to fraud prevention has provided fraudsters an opening to exploit. Advanced technologies and a dynamically evolving payments landscape requires holistic fraud prevention to fully defend against stolen and synthetic identities.

​Stop Stolen and Synthetic Identity-Related Fraud

NICE Actimize’s New Account Fraud solution connects and extends coverage earlier to now start at the application stage to provide identity proofing, than moving into early account monitoring and finally a seamless transition to ongoing monitoring.

New Account Fraud orchestrates and connects your organization’s current identity verification data and tools using advanced analytics to create an identity risk score. Once account is opened the solutions is able to seamlessly connect application data and identity risk scores into a purpose-built, early fraud monitoring fraud system.

By using application data and monitoring all payments channels, the account fraud solution’s early monitoring functionality detects complex fraud emanating from stolen and synthetic ID, as well as mule activity with high accuracy.

New Account Fraud extends fraud prevention coverage earlier in the account life cycle:

• Identity Proofing: Sophisticated identity proofing adds a layer of intelligence across all data streams to provide a single identity risk score, allowing for quick and efficient risk decisions.
• Early Account Monitoring: Using “zero trust” dynamic risk-based profiling supported by advanced AI, organizations can not only enable intelligent early account access, but also defend and detect against fraudulent accounts from the start
• Ongoing Monitoring: Once accounts have matured, they are seamlessly transitioned into the ongoing monitoring phase with all the intelligence acquired during both the application stage and early monitoring period

By preventing fraud at all points in the account life cycle, organizations will see lower application rejection, higher conversions and overall reduced risk. Early monitoring allows for dynamic access limits, baseline profiling and the ability to detect synthetic or stolen identities. By extending protection earlier in the application phase, organizations can perform early monitoring of new accounts, and later seamlessly hand the accounts off with all associated data for ongoing monitoring.