White Paper: Fraud Detection in Newly Opened Accounts--Connecting Data Helps Predict Identity Theft
Tags: Decision Analytics, Fraud Prevention
This paper explores how this new weapon helps detect identity theft and other fraud, how data velocity can prove the key to predicting identity theft, and how to still deliver a strong and quick return on investment.
Fraud continues to be a genuine problem and challenge. After a sharp and unexplained drop in identity thefts in 2010, fraud schemes climbed 12.6 percent in 2011, research by Javelin Strategy & Research shows. The cost adds up: The mean cost for new-account fraud is $3,197. If someone succeeds in opening up an account, it typically has taken a mean of 151 days to detect the fraud occurrence. As a result, fraudsters have become savvier and more opportunistic.