Fraud Prevention: Managing The Entire Customer Lifecycle

Overview

Account takeover fraud and new-account fraud losses continue to sharply increase. And organizations (specifically those in finance, telecom, e-commerce, and gaming) are left wondering how to combat fraud in real time throughout the entire customer lifecycle in an environment where criminal syndicates can easily create massive numbers of fraudulent new accounts and take over existing high-value accounts by using advanced technology. 

Organizations must be able to differentiate bad actors from good customers in real time —an approach that is needed at all stages of the customer journey, from new-account creation to accessing existing accounts. By implementing robust identify-proofing solutions to minimize the risks of new-account fraud and comprehensive authentication strategies to minimize risks of account takeover fraud, organizations can mitigate identity-fraud-associated risks, lending risks, reputational loss, and attrition of business and individual customers.

Foreword

This report, sponsored by TransUnion, explores the immediate and long-term risks associated with new-account fraud (NAF) and account takeover (ATO) fraud for organizations and consumers and establishes a case for employing comprehensive identity-proofing and authentication solutions to stop fraud throughout the entire account lifecycle. 

This report was adapted from the 2024 Identity Fraud Study: Resolving the Shattered Identity Crisis, published by Javelin Strategy & Research in April 2024. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis.