FraudNet for Account Opening is a unique solution capable of analyzing every new account opening and determining the level of risk represented in establishing the account. FraudNet for Account Opening is designed specifically to address the needs of financial institutions as well as loyalty programs for merchants and airlines and merchant’s offering private label credit cards.
Most traditional application-fraud detection systems focus on the data provided by the applicant. While this approach can validate the likelihood that the data provided appears in private records, it can’t validate whether or not the person submitting the application is truly the individual described on it. 41st Parameter has developed a comprehensive set of rules for detecting fraudulent applications without relying on the information provided by the applicant. These rules leverage all the risk factors including black-listed devices, inconsistent locale indicators, risky locales, and devices applying multiple times under different identities and even recognizes form-filling behavior, such as gibberish.