New account fraud is a growing problem for financial institutions. During 2015 at least 1.5 million fraudulent accounts were opened and over 13 million people claim to have been the victim of identity theft.
Two-factor authentication (2FA) is recognized as a stronger security standard than just a username and password, however, it is not widely adopted for access to web and mobile apps. When usernames and passwords are recycled across multiple apps, a single data breach can place users and organizations at risk for unauthorized access.
Financial Services companies partner with Civic to notify their members when their identities are being used to open up new accounts. With our real-time alerts, Civic Partners have the ability to communicate with the owner of the identity in question when opening up the account.