Online Account Origination Fraud: How Major Banks Mitigate Human Farms
Online Account Origination (OAO) fraud, also known as New Account Fraud, has grown 30% since 2017, with $1.3B losses in 2018. The increase in losses has a lot to do with fraud rings switching from automated attacks to human workers who submit applications manually, and utilize synthetic identities based on stolen records, causing unprecedented losses to financial institutions. They are successful because nothing solves a CAPTCHA like a human.
In this webinar, see how other major banks and financial institutions utilize passive biometrics that expose human farms and other bad actors who use stolen or fake identities, and mitigate them before it's too late.
Key takeaways will include:
- How OAO can directly impact your revenue
- What's the anatomy of a human farm attack
- How passive biometrics can mitigate human farms