Application Fraud in a Digital-First World: Overcoming the Challenges
Recorded: Thursday 6th August 2020
Please note: This is a recording of live webinar. If you wish to submit a question for our speakers, please email email@example.com.
The poll questions and results referred to in this video are as follows:
What is the aggregate rate of increase in fraudulent applications in the wake of the pandemic?
- 0-9% – 25%
- 10-30% – 25%
- 30-50% – 40%
- Above 50% – 10%
What portion of your credit losses are tied to Synthetic?
- 0-19% – 11.76%
- 20% – 17.65%
- 50% – 5.88%
- < 75% – 11.76%
- I have no idea – 52.94%
Criminals are rapidly evolving their tactics to imitate genuine customer behavior and evade detection. In the world today, circumstances have forced a noticeable acceleration of digital transformation programs within many financial services organizations. The driver being the need to protect customers from criminals in a world that has become digital–first overnight.
Application fraud is an example of one of the fastest growing types of fraud. Aite Group found that credit card losses from Synthetic Identity fraud reached $968m in 2018 and projected this to reach $1.26 billion in 2020.
Julie Conroy, Research Director at Aite Group and Chip Kohlweiler, VP Security at Navy Federal Credit Union, discuss the growing challenges of application fraud and offer advice on the best methods to detect new attacks and how to spot more sophisticated frauds, such as synthetic identities, while balancing the need to enable a positive customer experience.
In this session you will:
- Learn about best practices for keeping pace with identity fraudsters
- Have actionable takeaways on how to reduce customer friction
- Discover how the rapid shift to digital has increased the significance of addressing these fraud types
Navy Federal Credit Union
VP of Product, Featurespace