Today, business starts and grows digital. The pandemic has accelerated this process, pushing online services to evolve to digital onboarding procedures instead of traditional, face-to-face ones. As always happens, fraudsters are moving in the same direction, resulting in a significant increase in New Account Opening Fraud.
The digital onboarding procedures focus on gaining as many new users as possible. Pursuing this goal often means preferring user experience over security during solution development. An easy and enjoyable onboarding experience is sure to attract new users, but balancing it with identity checks is a must unless you want your service to be affected by fraud. Here is why New Account Opening fraud imposes new challenges and requires new approaches in detection and protection.
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