Online fraud attacks come in many forms and among the most common is new account fraud. IBM Security is now taking direct aim at the new account fraud problem by adding a feature to its IBM Trusteer security platform that helps identify newly created fraudulent accounts.
“The new account fraud detection capabilities are new features in our IBM Trusteer Pinpoint suite,” Limor Kessem, executive security adviser at IBM Security, told eWEEK. “We connect the new account fraud offering to our existing fraud protection offerings to provide a streamlined view of digital identities, from establishing the trust to maintaining it after the account has been created.”
New account fraud is already quite prevalent and has been expanding to new verticals, as more services are offered to customers online, according to Kessem. As banks move to more secure payment cards and new payment channels, cyber-criminals have been transitioning to online channels to attempt to use the same data for opening bank accounts and applying for credit, loans, insurance and other types of accounts, she added.