The detection of new account fraud in retail banking has multiple components. 

With the common solutions existing today in the market, in most cases it is possible to detect a fraudulent application only weeks after the initial account opening. BioCatch offers a unique, quick way to track new account fraud by using behavioral biometrics.

Fraudsters behave quite differently when opening a new deposit or credit card account based on synthetic or stolen identities. They experience surprising familiarity with the account opening process, their fluency patterns are distinctive, they have all the required information at hand and never spend time researching it, they do not bother with completing optional elements, and the way they interact with specific fields is very distinct from the behavior and cognitive choices done by real users.

By mapping criminal behavior at the opening process, BioCatch can distinguish between a human and a non-human and alert either for typical signs of fraud or for the specific cognitive signature of a known fraudster.