With the rise of artificial intelligence (AI) and machine learning (ML) technologies, criminals are getting more sophisticated and efficient at attacking organizations to perpetrate fraud. New account creation represents the riskiest step in the customer journey. Of all digital global account creation transactions in 2023 (representing 6% of all digital traffic volume measured by TransUnion), 13.5% were found to be suspected digital fraud. Implementing effective identity verification capabilities across service channels is a smart way to mitigate new account fraud risk.
Reducing risk at account creation requires a multilayered, holistic approach to digital identity verification. Fidelity in digital identity verification is key to tuning fraud detection tools so new business can flow with limited friction for legitimate customers. Increasing real fraud detection and reducing costly false positives and manual reviews requires combining rich and robust identity data with digital signals to power more intelligent risk evaluations earlier in the customer journey.
Learn about these five steps to help mitigate fraud before new accounts are opened
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