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Speed is the Key to Beating New Account Fraud

The lifespan of a fraudster is short but prolific.

By Keir Breitenfeld | Updated on June 19, 2012

The lifespan of a fraudster is short but prolific. After a sharp and unexplained drop in identity thefts in 2010, fraud schemes climbed 12.6% in 2011, according to research by Javelin Strategy & Research.

The cost adds up: The mean cost for new-account fraud is $3,197.  In addition, if someone succeeds in opening up an account, it typically only takes about seven days to wreak millions of dollars of damage across a wide network of unsuspecting customers. Yet it typically takes institutions an average of 151 days to detect a fraud occurrence.

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