The security issues related to the onboarding process transversely concern e-commerce, PA, and Financial Services.
Today direct contact is not prominent anymore because of digital services increasingly central in interacting with customers. In this context, it is, therefore, necessary to allow digitized access to the service while recognizing fake or defrauding users.
WHAT IS IT?
The Onboarding process is about integrating a new customer in service.
In Banking, for example, this means verify customer’s identity according to compliances and activating its account in the service. For Challengers Banks, the onboarding is an app-based procedure. There is no direct contact, just the device camera for taking photos of the documents and a self-compiled form. This makes things easier for the customer, but it also comes out with a problematic way of dealing with customer identity validation.
Digital Services often try to attract new users giving them some reward (both monetary or material). Most of the Onboarding frauds we see today focus on creating fake customers to enter these rewarding campaigns. The aim of the fraudster is trying to create multiple accounts to obtain numerous recompenses.
At XTN, we strongly believe in supporting Digital Services, and their evolution needs through our consolidated Fraud Protection tools.
Applying Behavioural Analysis to new customers could help detect fake ones and to prevent them from receiving the reward.
The XTN Cognitive Security Platform® protects the bank’s budget for new customer acquisition.