Equifax Fraud Services

Top Six Fraud Trends in the Financial Industry

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What We're Hearing from Financial Institutions: The Top 6 Fraud Trends For more information: 1-877-262-5261 www.equifax.com/fraudiq In partnership with Aite Group, Equifax conducted research about current fraud trends at U.S. nancial institutions. Below are the top ndings from the research. Account Takeover (ATO) is a bigger problem for larger nancial institutions (FIs), but smaller FIs should beware. When it becomes harder for fraudsters to inltrate larger companies, they tend to go downstream. Synthetic identities represent a major problem for FIs. ATO is starting to show up more in online and mobile. Contact centers aren't far behind. 45% of FIs have multiple independent projects underway to improve the customer experience Do any of these fraud trends resonate with your business? Equifax can help you successfully identify and acquire new customers, while minimizing the risks of fraud and friction. Visit our FraudIQ site for details or to contact an Equifax representative. Copyright © 2017, Equifax Inc., Atlanta, Georgia. All rights reserved. Equifax is a registered trademark of Equifax Inc. 17-1622 75% of larger FIs rank ATO as a top concern Application fraud attempts for demand deposit accounts (DDA) increased 10-24% Some larger issuers have found that for every dollar charged off for application fraud, another $ 4-10 is hidden in credit charge-offs. In addition to investing in fraud solutions for card and ACH/wire (as expected), FIs are starting to invest more in mobile fraud solutions. Overall, customer experience and risk mitigation are major concerns for most FIs – which is important as they think about activities such as cross-selling. 1 3 5 2 4 6 Up to 13% of application fraud attempts are attributed to synthetic identities – which doesn't seem high, but poses a major problem for FIs since there's no quick fix to detect these manufactured IDs or collect on losses.

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