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New Account Fraud

Opening a new account at a bank or credit union is a common and fairly simple process. When the bank scrutinizes the identity of the applicant, three components come into play: risk, fraud and compliance.

Today, more and more financial institutions are allowing and encouraging consumers to open up new accounts online. Banks can now understand the risks associated with each account, manage potential fraud and also ensure they are compliant with necessary regulations – all without face-to-face customer interaction. 

Typical signs of new account fraud include:

  • Immediate cash withdrawal requests upon first deposit
  • Recent issue date for primary identification
  • Newly-issued SSN with no credit history

Instead of stopping good customers from opening accounts or slogging through manual reviews, ID Insight helps banks take an automated, data-driven approach to increasing approval rates while mitigating fraud losses, reducing operational expenses and meeting Red Flag and CIP compliance requirements with confidence.

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