New Account Fraud

Overview

New account fraud occurs when criminals use stolen or synthetic identities to open financial accounts for fraudulent purposes. It is often a precursor to money laundering, mule activity, or credit abuse. With digital onboarding, fraudsters exploit weaknesses in KYC processes to create accounts that appear legitimate.

Financial institutions combat new account fraud with identity verification, device fingerprinting, behavioral biometrics, and fraud scoring. Regulators expect robust controls to prevent fraudulent onboarding, as it exposes institutions to compliance breaches and reputational harm. Preventing new account fraud is critical for banks, fintechs, and payment providers as they expand digital channels.

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Transaction Monitoring

Monitor transactions in real-time and analyse past behaviour to identify suspicious activities and ensure regulatory compliance across the user journey.