December 6, 2022 – Application fraud was already on the rise prior to the pandemic. Unfortunately, it has continued its steady climb as crime rings leverage the vast amount of personally identifiable information available on the dark web, along with synthetic identities, to open new accounts. The very nature of this high-reward, low-risk business means it will not slow down until proactive action is taken to mitigate fraud losses.
This Impact Report focuses on application fraud for checking accounts and credit cards in North America. It is based on the results of a survey of 18 of the top 50 FIs in North America, conducted in August and September 2022.
Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.