Embracing Open Banking Application Fraud is a growing problem; one that affects the customer on-boarding experience if application checks are too onerous, potentially putting prospective customers off dealing with your institution.
Application fraud schemes are becoming more sophisticated; be it using legitimate identities from a data breach, creating a synthetic identity or spring-boarding off a good identity to gain access to credit products for the intent to defraud your institution.
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With the low cost and availability of personal identifiable information (PII) and stolen identities on the dark web, fraudsters have changed their focus to application fraud – specifically for credit cards, personal loans, and deposit products such as savings and checking accounts. The anonymity, ease and comfort of online and mobile applications helps fraudsters use stolen or newly created synthetic IDs to gain credit, access funds, and disappear.
Financial institutions must balance the revenue and customer growth from new products, while identifying and removing fraudsters using false or stolen identities to gain access to the organisation.
In this webinar, Lawrence Sandler, Senior Business Solutions Consultant, from BAE Systems addresses the Association of Certified Fraud Examiners audience on the challenge of application fraud and how a multi-layered approach can help you find the balance between blocking fraud and keeping customer friction to a minimum.

Learning Objectives:

  • Recognise how certain market conditions are conducive to application fraud;
  • Identify essential solution ingredients for effective application fraud detection and ongoing account monitoring;
  • Recall recent industry trends and commonly used application fraud schemes.
Discover how a solution based on advanced network analytics enables financial institutions to better understand customer risk, from the application through the account lifecycle by looking at suspicious details and customer relationships, as well as customer behavior.

Webinar: Assessing Customer Risk from Application Fraud through the Account Lifecycle

Business Defense Webinar: Assessing Customer Risk from Application Fraud



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Executive Summary Podcast Interview

Podcast Interview: Assessing Application Fraud Risk

10.39 MB