Learn more about Online Bank Fraud

Criminals no longer need to physically rob a bank to steal money; they can do it online where it is quicker, easier, and they are much more likely to get away with it. And even as anti-fraud technology develops in its attempts to counteract online banking fraud, fraudsters are evolving too, creating a never-ending cycle of attacks.
Banks are shutting down tens of thousands of accounts every year due to suspected fraud; on average, Santander closes down 24,000 accounts each year, and just under half of all those are suspected mule accounts – a huge proportion.
New account fraud, also known as Account Opening Fraud or Online Account Origination Fraud, is when fraudsters use stolen or synthetic identities to open new bank accounts, with a view to maxing out their credit limits before disappearing into thin air, usually within 90 days.

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