New Report Highlights New Fraud Detection Patterns and Risk Factors in Bank Account Behavior
ValidiFI, Inc., the leading provider of predictive bank account and payment intelligence, today released its Q4 2024 Bank Account and Payment Intelligence Report, identifying alarming patterns in fraudulent bank account patterns and providing organizations with critical insights to combat evolving fraud threats.
ValidiFI’s report highlights how traditional, one-dimensional verification processes often miss sophisticated fraud patterns that can only be detected through comprehensive cross-referencing of identity elements like phone, email, and address against a vast network of bank account data.
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Key findings from ValidiFI’s Q4 analysis reveal:
- SSN: Fraud risk increases nearly 60% when 3+ SSNs are tied to a single account in the last 90 days.
- Email & SSN: Consumers with 3+ emails linked to the same SSN in the last 30 days are 2X higher fraud risk.
- Phone & SSN: Consumers with 3+ phone numbers associated with the same SSN in the last 30 days have a 2.25X greater fraud risk.
- Phone & Zip: Fraudsters are 2.3X more likely to have mismatched phone numbers and zip codes.
“These findings underscore why organizations need to move beyond standard account validation to implement a more comprehensive, multi-layered approach to fraud detection,” said John Gordon, CEO of ValidiFI. “At first glance, consumers may pass standard account validation checks with no apparent signs of fraud. However, by assessing the connections between the bank account, consumer identity elements, and past payment performance, organizations can uncover critical risk indicators, revealing the truth behind an account’s risk profile.”
The report highlights real-world consumers who initially appeared low risk based on basic account validation. However, when analyzed with 200 unique signals and insights from ValidiFI’s data network, their true risk profiles emerged, uncovering patterns and statistics that clearly indicate fraudulent activity. This demonstrates how organizations can effectively detect and prevent sophisticated fraud attempts, while boosting confidence in the legitimacy of both the account and the individual behind it.
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