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Mitigating New Account Fraud: Reduce Risk and Expand Customer Base with Evolving Authentication
Javelin Strategy & Research, Oct 2006, Pages: 12
This report provides both a three year longitudinal assessment of new account fraud statistics, as well as the solutions—authentication and otherwise—that best address new account fraud risks. Due in large part to regulatory pressures, much of financial institutions’ security enhancement strategy is focused on the authentication of existing account-holders. New account fraud (both “true name” and “synthetic”), however, represents a large percentage of identity fraud and new solutions are needed now.
Primary Questions:
What are the barriers for solutions that address new account identity fraud?
What types of accounts are primary targets for new account fraud?
What solutions authentication and otherwise address new account fraud risks?
What strategic changes will the pattern and growth of new account identity fraud require?
Findings and Analysis:
Knowledge Based Authentication solutions address both existing account and new account fraud. They can be utilized by FIs to mitigate new account fraud and more efficiently expand account bases. New account fraud is growing, with Javelin data showing 51 percent growth in 2005, with the most prevalent increases among new credit card accounts. FIs are and will continue to face pressure from both consumers and from regulators to rein in new account fraud.
Audience: Financial Institutions, Payments Firms and Technology Vendors
Authors: Rubina Johannes, Research Analyst , Bruce Cundiff, Senior Analyst
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