The Account Opening API identifies potential bad actors from good customers during the online application process. Designed to support customer onboarding strategies, the Account Opening API:
Recent studies have found that synthetic identity fraud is the fastest growing type of financial crime in the United States. In fact, it is estimated that more than 60% of fraud losses for banks stem from identity fraud, and 20% of that fraud is synthetic identity fraud. According to the American Bankers Association, synthetic fraud costs lenders more than USD 6 billion annually, and the average loss is estimated at USD 10,000 per account. Using a combination of valid qualifying information combined with fake secondary information, perpetrators cultivate these identities to defraud banks, causing charge-offs and losses for financial institutions. These attacks must be proactively addressed when bringing customers onboard.
Key features of the Account Opening API include:
The Account Opening API is powered by a tech stack which is built on an enterprise-grade infrastructure, fed by accurate global identity data from the Identity Graph, and differentiated with proprietary insights from the Identity Network.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.