Identity crisis: Detecting account opening fraud in the age of identity commoditisation

Uri Rivner

Cyber Security: A Peer-Reviewed Journal, 2018, vol. 1, issue 4, 316-325

Abstract: Massive data breaches focused on stealing personally identifiable information (PII) have led to a world where identity data is a commodity. The level of account opening fraud in the financial sector and other sectors is growing at an alarming rate, as knowyour- customer (KYC) checks are no longer stopping fraudulent online account opening. Traditional controls such as device reputation and geo-locational analysis become less effective as fraudsters fully understand that their access device and location is being monitored, and the industry is now attempting to establish a new defence doctrine against identity theft and account opening fraud. Tracking a user‘s digital identity in social networks and their interaction patterns as they open a new account are some of the nextgeneration tools that show promise in the fight for digital identities.

Keywords: identity; identity theft; account opening fraud; new application fraud; cybercrime; synthetic ID; social media analysis; behavioural biometrics (search for similar items in EconPapers)
JEL-codes: M15 (search for similar items in EconPapers)
Date: 2018
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