Combating Fraud at
Account Opening During
Economic Uncertainty
Networking Dinner at The City Club of San Francisco

Here’s what we discussed:

Historically, fraud has been shown to increase during times of economic uncertainty, as fraudsters tend to find new creative ways to target financial intuitions. Fraudsters tend to prey on fear and attack financial institutions where they are most vulnerable.

Historically we have also seen otherwise genuine consumers turn to first-party fraud or other types of fraud as they are financially pushed to their limits. According to Comply Advantage, 59% of firms surveyed in its 2023 Financial State of Crime report are preparing for an increase in financial crime.

But how do you stop bad actors while not adding friction for your good customers? The balance of the two has gotten even more complicated with the evolved adoption of digital account opening – where consumers expect a quick and frictionless process, and any additional step could result in applicant abandonment. This means striking a balance between verifying a consumer’s identity while maintaining the low-friction experience consumers expect is no longer a nice to have but a KPI (Key Performance Indicator). And all of this must happen as identity verification is becoming more complex.

During this roundtable, we discussed:

• Some of the challenges of traditional KYC strategies
• How dynamic identity data empowers financial institutions to verify digital identities quickly and confidently
• How to offer a smoother, lower-friction account opening experience for your good customers