The Rise of New Account Fraud: Best Practices in Identification and Verification

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As EMV has become widespread, the traditional avenues for card fraud have become dead-ends for fraudsters who are now targeting industries with weaker defenses, including store-branded cards, e-commerce, and auto, mortgage, home equity and student loans. According to Javelin Strategy and Research’s 2019 Identity Fraud Study, losses due to New Account Fraud (NAF) increased by $400 million in 2018.

At the same time, consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms across nearly all industries must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.

Join Al Pascual, SVP and head of fraud & security at Javelin and GIACT’s David Barnhardt, EVP of product, to learn the latest developments from Javelin’s 2019 Identity Fraud Study and best practices for reducing NAF as well as how to reconcile security with a frictionless customer experience.


What You’ll Learn

  • Learn the latest new account fraud (NAF) insights from Javelin’s 2019 Identity Fraud study;
  • Best practices for reducing NAF and bolstering NAF prevention; and
  • How to reconcile security with a frictionless customers experience.

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GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.

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The Impact of Identity Theft and Scams in 2021

virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud
challenge?

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