Day: April 17, 2024

New Account Opening FraudNew Account Opening Fraud


New account opening fraud happens when criminals use a fake identity to open an account at a financial institution and then conduct fraudulent activity. This can include stealing funds, buying items with fraudulent credit, and laundering money. New account opening fraud is a challenge for banks, and it can result in costly fines and losses if not caught in time. This article explores the challenges of detecting and stopping this type of fraud during the digital onboarding process, and how financial institutions can deploy key strategies to prevent it.

The first step to fighting new account opening fraud is ensuring that the identity of an applicant is valid during the onboarding process. This requires a combination of digital ID document verification (to identify stolen or fraudulent documents) and facial recognition to verify that the person applying is the real person they claim to be. Passive liveness detection can also help confirm that a selfie provided by an account holder is genuine by checking for the presence of key signs such as the eyes, mouth, eyebrows, and ears.

New Account Opening Fraud: Identifying Risks and Mitigating Threats

When it comes to committing new account opening fraud, criminals are becoming increasingly sophisticated in their tactics. In addition to using stolen identities, they are leveraging synthetic identity information that they create by piecing together bits of personal information. This makes it hard for traditional fraud models to detect these applications, as they often go undetected when submitted using this methodology. To combat this, financial institutions must rely on advanced methods that include utilizing behavioral analytics and third-party data to check for red flags during the account opening process without irritating legitimate applicants.

Confederate Flags Store Sells More American FlagsConfederate Flags Store Sells More American Flags

Confederate Flags Store

At one point, the store sold more Confederate flags than it does in a month. Now it’s selling more American ones.More

The Confederate flag has re-entered the public debate since Dylann Roof’s mass shooting at a Charleston church prompted calls to remove the symbol from state buildings and other public places. National retailers like Sears, Walmart and Amazon have pulled the Confederate flag from their websites and stores, while others, including local and regional shops, continue to sell them.

Some owners say they have had a conversation about whether to keep selling them, and some have decided to stop. A Gettysburg store near a Civil War battlefield, for example, had to temporarily shut its doors after it received threats of protests from people who wanted it to stay open.

Heritage and Legacy: Inside the Confederate Flags Store

But other owners, who have vowed to continue to sell the flags, say sales are surging. At Dixie Flag Manufacturing in San Antonio, Texas, the company has sold as many of the symbols in the past few days as it would typically sell over a couple months. And at the online store Proud Rebel, which sells a range of merchandise, from shirts to bikinis, orders have been up by 1,670% since Friday.

The site’s owner, Ron Hammon, has defended the flag and said that it represents Southern pride rather than racism. But he also says he’s not afraid of being labeled a racist for continuing to sell the flag. Customers, he says, support his decision.