Report: Institutions waste $300 million annually dealing with address fraud. Report: Confirmation letters are too costly and ineffective to manage account fraud risk. Survey: 29% of respondents rank new accounts with fictitious addresses as posing the greatest risk of loss. Phone transactions are rated a top risk by 52%, where address fraud is perpetrated, followed by web-based transactions at 46%. Address fraud occurs when the criminal gains control of an existing account belonging to someone else and substitutes a fraudulent address for the original victim’s.”]
Source: https://www.bankinfosecurity.com/address-fraud-institutions-waste-300-million-annually-a-1282