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With the 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.
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%.
A well-executed risk management hub is the first step in helping financial institutions prevent fraudulent activity without sacrificing the overall user experience:
Seamlessly consolidating multiple risk and fraud services into one solution
Decreasing the number of applicants who require manual review
Presenting actionable analytics that allows you to measure the success of your risk strategy and optimize as you go
Incorporating artificial intelligence and built-in machine learning in order to stay ahead of the latest fraud practices
Adapting to suit your financial institution’s unique risk management needs
Banks with strong digital channels for opening accounts can achieve exceptional performance in terms of customer or member acquisition rates, acquisition costs, and revenue growth. In a digital-first economy, banks that fail to make the shift from branch-bound processes risk being left behind.
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