New account fraud: uncovering the tools and tactics of a new breed of scams

New Account Fraud (NAF), 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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NAF is a current and priority problem for banks today because is hard to stop.  In this document you will find more information about:

  • New Account Fraud situation and statistics worldwide
  • How it works
  • Current trends and tactics used to commit this type of fraud
  • How to combat it effectively

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