Digital account openings are surging, but so are fraud attempts, leaving banks and credit unions under pressure to deliver seamless onboarding without sacrificing security. ACF uses smart solutions to battle these attempts. Keep reading to learn more.
With layered identity verification powered by mobile IDs, biometrics, and real-time risk intelligence, ACF ensures institutions can protect trust from the very first click.
The Digital Onboarding Imperative
Today’s consumers expect to open accounts swiftly and conveniently from anywhere, while financial institutions face mounting fraud risks and stricter regulatory pressure. The key lies in balancing speed and trust and that’s precisely where ACF’s digital identity verification shines.
The Rising Stakes of Digital Account Openings
- Fraud is surging: Between 2024 and 2025, fraudulent activity rose by 21% in the financial services sector, and alarmingly, 1 in every 20 verification attempts is now fraudulent.
- Widespread impact: Globally, about 13.5% of digital account openings are suspected to be fraudulent.
- Testing stolen identities: Roughly 1 in 20 or 5% of newly created checking accounts were flagged as suspicious last year in the U.S. alone.
The stakes are high: one slip in digital onboarding can trigger substantial financial loss, compliance exposures, and reputational damage.
ACF’s Multi-Layered Identity Verification: Stronger, Smarter, Faster
ACF employs a dynamic, integrated identity verification framework to shore up the onboarding process:
- Mobile ID Integration
Customers can use state-issued digital IDs or mobile driver’s licenses stored on their phones. These are verified in real-time, reducing reliance on easily manipulated physical documents. - Biometric Authentication
Technologies like facial recognition and fingerprint scanning add a second verification layer. According to an article by financial tech company, Jack Henry, with 72% of consumers preferring biometrics over passwords, and 80% more likely to engage with firms using strong identity validation, biometric checks also uplift customer trust and adoption. - Instant Document Verification
Supporting the use of traditional ID documents, ACF enables real-time scanning and authenticity validation, cross-checked against issuing databases to detect tampering or forgery. - Real-Time Risk Assessment
By monitoring device data, geolocation, and behavioral signals, ACF provides proactive fraud detection and ensures compliance with security mandates.
Security Without Compromising Experience
This approach hides the complexity behind a seamless user journey: customers simply authenticate via mobile device, complete a biometric scan, and in a matter of minutes, their accounts are live with minimal friction.
- Speed is retained: Instant onboarding without manual delays.
- Security is enhanced: Multiple layers of identity proofing reduce fraud attempts.
- Operational efficiency improves: Less time spent on manual review and remediation.
Why It Matters to Banks and Credit Unions
|
Benefit |
Why It Counts |
|
Fraud Prevention |
Reduces account takeover and synthetic identity attacks using behavioral and biometric analysis. |
|
Regulatory Compliance |
Streamlines adherence while minimizing manual overhead. |
|
Customer Trust |
Strong, transparent verification fosters confidence from the very first click. |
|
Scalability |
Digital-first methods support rapid onboarding across all channels at lower cost. |
A Future-Ready Foundation
As digital banking continues to dominate, expectations for seamless onboarding and adherence to stringent security protocols will only escalate. Fraudsters are innovating fast, but so are solutions to protect consumers against them. By combining our security offerings, ACF ensures account openings can be not just fast, but safe.
As we rely more on digital trends, trust starts at the very first click. ACF empowers banks and credit unions to deliver the best of both worlds: the convenience customers demand, and the security institutions require. Contact us to learn more.
