Visa: Launches Advanced Identity Score To Help FIs Fight Application Fraud
- It’s the battle against fraud that can be lost right at the beginning
- U.S. financial institutions, according to estimates by Aite, will spend as much as $781M to battle credit application fraud in 2022
- The combined estimated losses of new account fraud and account takeover in the U.S. alone topped $10.2B last year
- But the costs tied to such fraud can be even greater, with ripple effects that last far beyond the initial financial injuries done to card holders, FIs and merchants
- A poor customer experience can cause FIs and enterprises to lose customers, of course
- Account fraud can take 15 hours for cardholders to resolve — hardly the most productive use of anyone’s time