Digital account openings are a vital function to the lifeblood of any transaction-based company. But even the most security-conscious organizations remain vulnerable to potential fraud and financial loss. Armed with even a few key pieces of compromised information, fraudsters can open a fraudulent account using a real identity.
With U.S. card-not-present fraud expected to rise to $7.2B by 20201, an intelligence model where businesses can leverage an aggregated view of digital intelligence across many industries has never been more critical. At the same time consumers are looking to use digital channels to open accounts with 70% of checking and 80% of credit card applicants stating their preference to apply via the digital channel rather than in person.2
How can companies offer account opening as a seamless and yet secure experience for consumers on the digital channel?
InAuth has a solution to help this problem—the InAuth Security Platform combined with InExchange®.
Leveraging thousands of device attributes, the Platform uniquely identifies the device that may be attempting to open an account, enroll in online or mobile banking, or complete any other application process. InExchange also enables clients to associate device elements with anonymized user data across multiple industries, giving businesses a more holistic view of the trustworthiness of a device so that they can better assess the riskiness of an applicant and take additional steps to mitigate potential fraud as needed.
InExchange is a cross-industry platform of digital intelligence. It was specifically developed to meet the unique and complex challenges facing organizations where customer information is unknown or limited, such as new account opening. This Global Digital Intelligence Network enables real-time decisioning capabilities and helps stop fraudulent activity before it occurs by leveraging the experience of an entire network from leading brands