{"id":8930,"date":"2025-02-19T16:39:38","date_gmt":"2025-02-19T21:39:38","guid":{"rendered":"https:\/\/evssolutions.com\/?p=8930"},"modified":"2025-02-19T16:39:39","modified_gmt":"2025-02-19T21:39:39","slug":"frictionless-fraud-prevention-how-evs-balances-speed-and-security-in-the-onboarding-process-to-prevent-first-party-fraud","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/frictionless-fraud-prevention-how-evs-balances-speed-and-security-in-the-onboarding-process-to-prevent-first-party-fraud\/","title":{"rendered":"Frictionless Fraud Prevention: How EVS Balances Speed and Security in the Onboarding Process to Prevent First Party Fraud"},"content":{"rendered":"\n

Many consumers, at some point in their digital shopping careers, have faced off with a subpar identity verification onboarding system. Some people will wade through the necessary security tasks with superhuman patience, but most will abandon their carts, submissions, or requests and move on to a competitor\u2019s frictionless site.<\/p>\n\n\n\n

But at EVS, we believe your brand’s need for secure transactions and robust fraud prevention solutions shouldn\u2019t stand in the way of customer acquisition and revenue growth. In this blog, we discuss the challenges of fast and secure onboarding, new threats like application fraud and new account fraud, and how EVS can help your business create a bespoke fraud prevention solution that won\u2019t add friction to your onboarding process.<\/p>\n\n\n\n

Identifying Application Fraud and New Account Fraud: Is Your Brand at Risk?<\/h2>\n\n\n\n

Application and new account fraud pose constant threats to industries of almost every scope and scale, and they’re often used in quick succession to pull off elaborate financial schemes. Both of these types of fraud typically rely on stolen data and fabricated identities, and both exploit and manipulate internal identity verification processes to get the job done.<\/p>\n\n\n\n

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As you might have guessed, the financial services industry faces the greatest risk of application and new account fraud, but the e-commerce, fintech, retail, travel, gaming, telecommunications, and cryptocurrency sectors are also under threat. Unfortunately, the frequency of these cybercrimes continues to rise.<\/p>\n\n\n\n

Cybersecurity analysts report that credit card new account fraud ranked as the number one form of identity theft in 2022. Even more worrisome are the more recent 2024 U.S. Federal Trade Commission reports, which found that new accounts made up 88% of all credit card fraud and 78% of identity theft.<\/p>\n\n\n\n

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How To Provide an Optimal Onboarding Experience: The Challenges of Fast, Secure Verification<\/h2>\n\n\n\n

As technology evolves, application and new account fraud also push forward at a breakneck pace. The trouble is, these forms of cybercrime are equal parts difficult to detect and immensely dangerous. At the same time, a veritable trifecta of challenges is at play:<\/p>\n\n\n\n

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We’d like to believe that every digital consumer understands and has patience for lengthy verification steps, but in reality, brands that can’t assess, identify, and mitigate fraud risks in a matter of seconds are in danger of cart abandonments and floundering customer retention.<\/p>\n\n\n\n

EVS Onboarding: Balance Speed and Security with Our Fraud Prevention Solutions<\/h2>\n\n\n\n

To combat these new forms of cyber fraud, EVS created a comprehensive suite of identity verification and fraud prevention systems that work together to provide bespoke solutions for a brand’s unique needs. While EVS offers a robust portfolio of solutions, here’s a snapshot of our top onboarding-related products.<\/p>\n\n\n\n