New Account Fraud
Can You Accurately Confirm New Account Creation?
New account fraud is the opening of an account with the sole purpose of committing fraud. Fraudsters create new accounts using personal identifiable information, often available on illegal black market forums. Because of the large data breaches experienced in the past few years, and the sheer volume of data available for sale, new account fraud poses a growing risk to organizations allowing electronic enrollment. Often new accounts opened by fraudsters are not used immediately, but saved for future use to bypass traditional fraud prevention rules.