Credit Card Issuers Experience Four Times as Much New Account Fraud - Mitigating New Account Fraud: Reduce Risk and Expand Customer Base with Evolving Authentication 2006.

DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c45150) has announced the addition of Mitigating New Account Fraud: Reduce Risk and Expand Customer Base with Evolving Authentication to their offering.

This report provides both a three year longitudinal assessment of new account fraud statistics, as well as the solutionsCoauthentication and otherwiseCothat best address new account fraud risks. Due in large part to regulatory pressures, much of financial institutions' security enhancement strategy is focused on the authentication of existing account-holders. New account fraud (both "true name" and "synthetic"), however, represents a large percentage of identity fraud and new solutions are needed now.

Primary Questions:

What are the barriers for solutions that address new account identity fraud?

What types of accounts are primary targets for new account fraud?

What solutions authentication and otherwise address new account fraud risks?

What strategic changes will the pattern and growth of new account identity fraud require?

Findings and Analysis:

Knowledge Based Authentication solutions address both existing account and new account fraud. They can be utilized by FIs to mitigate new account fraud and more efficiently expand account bases. New account fraud is growing, with Javelin data showing 51 percent growth in 2005, with the most prevalent increases among new credit card accounts. FIs are and will continue to face pressure from both consumers and from regulators to rein in new account fraud.

Audience: Financial Institutions, Payments Firms and Technology Vendors

Authors: Rubina Johannes, Research Analyst, Bruce Cundiff, Senior Analyst

Content Outline:

Overview

Primary Questions

Findings & Analysis

New Account Fraud is Up Dramatically

Credit Card Issuers Experience Four Times as Much New Account Fraud

Both Consumer and Regulatory Pressures Will Define Anti-Fraud Solutions

Appendix :

Section 1: Features of Identity Verification Products

Section 2: Examples of Identity Verification Products

Related Research

Table of Figures:

Figure 1: New Account Fraud increase despite increased use of Automation

Figure 2: Credit Card Issuers Experience 4 Times as much new account identity Fraud

Figure 3: Consumer & Regulatory Pressures Will Define Anti-Fraud Solutions that Banks Implement

Figure 4: Leverage Authentication Solutions to Mitigate New Account Fraud

Report Topics:

* -Anti-Fraud Solutions

* -Anti-Money Laundering (AML)

* -Bank Secrecy ACT (BSA)

* -Customer Identification Program (CIP)

* -Data validation

* -DebitBureau[R]

* -DEPOSIT CHEK

* -Falcon ID

* -FFIEC guidelines

* -Fraud data sharing

* -Fraud Recognition

* -Graph Theoretic Anomaly Detection (GTAD)

* -ID Clearinghouse

* -IDENTITY CHEK

* -Knowledge Based Authentication (KBA)

* -OFAC Compliance

* -Patriot Act

* -QualiFile

* -Risk Scoring

Companies Mentioned:

* Chex Systems, Inc.

* DMV 

* Early Warning Services, LLC 

* eFunds

* Equifax

* Experian

* Fair Isaac

* Federal Trade Commission

* ID Analytics

* MasterCard

* RSA 

* TransUnion

* Tricipher

* Verid

* Visa

For more information visit http://www.researchandmarkets.com/reports/c45150