Financial institutions find themselves at a crossroads in how they ascertain identity in today’s digital world for account opening and onboarding. They must figure out how to prevent fraud and maintain regulatory compliance in an environment where the data elements that were once so central to both are no longer effective. These core data elements, the personally identifiable information of their customers and prospects, have nearly all been compromised. During this webinar, Javelin, Avoka, and Mitek explored this dynamic and the steps FIs and other financial service providers can take to effectively mitigate the impact of breaches on their ability to ascertain identity during the digital account opening process.
Key questions that were answered in the webinar:
- How frequently are consumers opening different types of financial accounts in digital channels?
- How have data breaches affected the value of consumer PII for ascertaining identity of applicants?
- How has the rate of new account fraud changed with the adoption of digital account opening?
- Which regulations should FIs be concerned about when it comes to ascertaining identity in digital account opening?
- What are the necessary tools for breach-proofing the digital account opening process?