Detecting Account Opening Fraud Digital Tells A BioCatch Podcast

The third episode of Digital Tells: A BioCatch Podcast tackles the global epidemic of identity theft, and the resulting fraudulent accounts that ruin personal credit ratings, perpetuate mule activity and money laundering, and drain institutions of $Billions annually. Tom O’Malley (https://www.linkedin.com/in/thomas-o-malley-591b329b/) joins us again to discuss why most account opening fraud occurs online. Raj Dasgupta (https://www.linkedin.com/in/rajdg/) from BioCatch, discusses the peculiar online behaviors exhibited by cybercriminals, versus those of genuine account applicants; The Digital Tells that help Behavioral Biometrics distinguish between criminal and genuine activity. Ayelet Biger-Levin (https://www.linkedin.com/in/ayelet-biger-levin-a32b81/) discusses BioCatch’s newly-announced Age Analysis Capability (https://www.biocatch.com/press-release/biocatch-launches-age-analysis-a-new-capability-to-protect-elderly-and-vulnerable-consumers). And Howard Edelstein (https://www.linkedin.com/in/phowardedelstein/) shares a story of account opening fraud detection that has become BioCatch lore. Tom O’Malley, a retired U.S. Department of Justice financial crimes prosecutor, founded a website, FrozenPII.org (https://frozenpii.org/), which helps consumers protect their identity. Check it out!TranscriptHave you ever been the victim of identity theft? Ever applied for a loan or a credit card, only to find out someone else has masqueraded as you and negatively effected your credit standing? Identity theft and new account fraud is a global problem. If you live in the United States, chances are you’ve been a victim – and if not ~ it’s likely someone close to you has been.I was chatting with Tom O’Malley, the former federal financial crimes prosecutor you met in Episode 2, and we were discussing identity theft. The U.S. federal trade commission reported recently that $3.3B was lost in 2020 due to identity theft – that’s nearly double the $1.8B lost in 2019. And where are those stolen identities put to work? well, online of course – in the form of new accounts – credit card accounts, lines of credit, deposit accounts, you name it. Here’s Tom O’MalleyTom O'Malley