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.
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