With increased adoption of technology comes new challenges, particularly in the form of changing risks, regulations, and fraud. Becoming big business for criminals, account opening fraud can take many forms, from amateur fraudsters using stolen credentials to obtain credit cards, to extremely sophisticated operations resulting in big dollar losses.
A well-executed risk management hub is the first step in helping financial institutions prevent fraudulent activity without sacrificing the overall user experience:
This whitepaper explores the typical risk management hub and the solutions within it.
Aite reports that 45% percent of financial institution executives say the trend for real-time fraud losses has increased 10% or more compared to two years ago, and an additional 30% saw the trend for such losses rise between 1% and 9.9%.
When it comes to fraud, the only constant is change. New account fraud will only continue to grow and evolve as fraudsters become more sophisticated. Learn more about Bottomline's Identity Verification solutions.
Research ReportThe ROI of Digital Account Opening
Banks with strong digital channels for opening accounts can achieve exceptional performance in terms of customer acquisition rates, acquisition costs and revenue growth. And in a digital first economy, banks that fail to make the shift from branch-bound processes risk being left behind.
eBookDigital Transformation with Digital Banking IQ Engage
You already know that the Digital Transformation is critical, but do you know why over 1000 financial institutions work with Bottomline to help them get there?
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