New account fraud
You let them in but how well do you know them?
New accounts are prone to fraud but are essential to the growth of any successful financial institution. With the steady increase of online account openings, the risk to your institution has never been higher.
Verafin helps reduce the risk.
- Identifies large check or ATM deposits followed by rapid withdrawal of funds
- Account age is used to determine the risk (configurable account age)
- Configurable time period for which a new account is identified as risky
- Weeds out low-risk new accounts by identifying legitimate activity such as payroll
- Increases overall risk on a new account if an address discrepancy is discovered and a red flag is set
- Easy-to-follow investigation workflow
- Risk-rated alerts help manage and prioritize your review workload
- Alerts include evidence and statistics to optimize and focus your review and investigation
- Case management helps you organize and document your investigation
- Quickly create and electronically submit a prepopulated Suspicious Activity Report (SAR)