What is new account fraud? And how can you avoid it?

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16.7 million consumers. That’s the number of people who were victims of identity fraud in 2017 alone. We are looking at an 8 percent increase from the 15.4 million victims in 2016. New account fraud is a problem, as criminals are creating new accounts in the name of the person whose identity they stole, with these new accounts being dedicated to fraud.

As this type of fraud is very hard to solve, it’s a problem, because many businesses are vulnerable to this, not having preventive measures in place. Also, the fact that users are exposed to phishing, hacking and telephone fraud as well. This combined leaves businesses (and their customers) in a very fragile position.

New account fraud is becoming a challenge for many companies because this kind of fraud is hard to detect due to new users claiming to be somebody they are not and with no prior reputation in your business. For businesses, this initially means more money in the bank, but for consumers, it’s a very different story.

It’s impossible to educate the users of the world in digital journeys with all the latest security threats and malicious activity to think about. Therefore, we offer a service that protects the end-user and your business by creating a friction-less experience that does not disturb the customer. We create the digital trust experience for you and your customer, leading you to offer your customers the easiest digital journey – securely.

Our software is getting all its data from IBM Trusteer which receives more than 43 billion sessions every month, where fraudulent sessions are watched, which means that if a hacker tries to hack or scam on a site protected by ReTrust, an ID is attached to that user. If that same hacker tries his luck on another site he won’t get far, because ReTrust has now picked up on device ID, client time zone, location, passive biometrics and much more.

ReTrust never logs anything on the people using the devices except for bio-metrics, which is the way a specific person uses, for example, his or her keyboard and mouse. The strokes used on the keyboard and the way the mouse is navigated are very specific – as specific as a fingerprint. That’s why we call bio-metrics a digital fingerprint, and this is how ReTrust’s reason for being, as its main purpose is to avoid digital fraud and create digital trust. ReTrust is GDPR and PSD2 compliant. Moreover, we have created an easy on-boarding process and a favorable and scalable pricing model.

ReTrust is delivered by certified IBM business partner, any.cloud.

any.cloud is a multi cloud service provider that delivers professional business continuity and security services to more than 600 customers in 30+ countries. any.cloud was established in 1998 by its 3 co-owners: Gregor Frimodt-Møller, Adrian Frimodt-Møller and Thomas Allentoft. Today, any.cloud forms a strong international unit and has offices in Denmark, Poland and the Czech Republic