USE CASE

Account Opening Fraud Prevention

Detect fraudulent account opening behavior with advanced behavioral biometrics & device intelligence 

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Challenge

Account Opening (AO) fraud also referred to as Fraudulent Applications (FRAP) fraud is a type of fraud that occurs within the process of opening new accounts.

In this fraud, the fraudsters usually open a new account under a stolen or completely synthetic identity. Usually, the fraudsters obtain Personal Identifiable Information on the web (PII) or through social engineering and open new accounts and use it for their own nefarious goals.

New accounts can be opened to create money mule accounts, abuse new account promotions or abuse people’s PIIs to receive benefits or tax refunds.

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Imperfect Solutions

Detecting Account Opening fraud is tough. Businesses usually don’t have good solutions in place to properly tackle these challenges.

The usual Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) solution (driven by regulation) aim to minimize fraudulent account opening, but even these methods can be hacked and overcome.

Also, the KYC procedures include significant challenges when it comes to the privacy and security of personal data. Additionally, the KYC procedures introduce a significant hurdle to the user experience in the process of opening a new account.

Any business that has a digital account creation would benefit from a solution that can invisibly detect account opening fraud at the time of creation – and this is what ThreatMark delivers.

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The ThreatMark Solution

ThreatMark Anti-Fraud Solution (AFS) processes user, device and user behavior data to build advanced ML models that can precisely predict user’s intent while they’re opening the accounts.

ThreatMark account opening fraud detection

For the success of the models the data gathering process is crucial. Diligent collection of data and precise tagging of the users can ensure the predictions are precise and fraudulent account opening is recognized at the time of submitting the forms.

Unlike standard KYC solutions. ThreatMark doesn’t require any photos, documents, complex surveys nor video recordings.

Our solution only requires that our probes are successfully installed and that the users behave as they would usually do.

How we helped our customers

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How our AI Powered Authentication enhanced security & User Experience for Slovenská sporiteľňa [ERSTE Group]

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Related Resources

ThreatMark AFS Datasheet

Digest the core details of our technology and review our unique approach in this  datasheet. 

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