account origination prevention

Account origination prevention is when cybercriminals open an account to steal, launder money or access services they wouldn’t be able to obtain with their own identity. With a new account fraud solution, organizations can identify and stop these criminals at the point of gaining access.

This can be done by extending existing identity verification and risk management capabilities to the onboarding stage. This enables more applications to be approved with the right level of protection in place. This allows businesses to improve customer experience without sacrificing security and helps them meet their regulatory obligations.

Locking the Gateway: Strategies for Effective Account Origination Fraud Prevention

In addition to enabling a smoother customer journey, this approach can help reduce costs and risks by minimizing the number of genuine customers that are declined due to fraud detection processes. This is especially important with digital onboarding where the process can be a key entry point for fraudsters.

The IBM Trusteer New Account Fraud Solution uses a powerful combination of advanced technologies and intelligence to detect new account fraud at the point of opening. This is achieved by connecting application data and identity risk scores to a purpose-built new account fraud detection system. This enables the solution to detect complex fraud including stolen and synthetic identities, mule activity and more.

This capability is enhanced with behavioral monitoring enabling the detection of suspicious account activity. For example, when a newly opened account shows high transfers in/out beyond what would make sense based on salary data in the application or when an applicant’s behavior varies significantly from their normal profile.