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

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  • Rivner, Uri

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.

Suggested Citation

  • Rivner, Uri, 2018. "Identity crisis: Detecting account opening fraud in the age of identity commoditisation," Cyber Security: A Peer-Reviewed Journal, Henry Stewart Publications, vol. 1(4), pages 316-325, March.
    • Handle: RePEc:aza:csj000:y:2018:v:1:i:4:p:316-325
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    More about this item

    Keywords

    identity; identity theft; account opening fraud; new application fraud; cybercrime; synthetic ID; social media analysis; behavioural biometrics;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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