New account fraud, also called account opening fraud, has increased 109% year on year in 2021. As much as 50% of new U.S. accounts in 2021 were fraudulent, cybersecurity company FiVerity says. Experts in the sector discuss the impact this fraud has on their organizations, the challenges of identifying and tracking fraud, and mitigation measures. The way banks categorize losses depends on how the money is coming in or going out, experts say. The high attack rates are so high operationally that sometimes these are losses that just hit the bottom line without giving us time or resources to conduct proper root cause analysis.”]
Source: https://www.bankinfosecurity.com/new-fraud-on-block-causes-bank-losses-to-rise-a-18867