In light of the surge in digital financial services during the global pandemic, the Center for Payments recognized banks and credit unions are looking for ways in which to serve their account holders, but still respect social distancing. As a result, offering the ability to open accounts online has seen significant growth. Like any other online interaction, there are growing concerns regarding the risks and fraud associated with online account products. This nationwide market study of financial institutions sought to examine current industry practices and procedures to safely manage online account openings as well as detect, evaluate, and mitigate hazards throughout the online account opening experience.

These survey results offer financial institutions specific insights into the different strategies and actions similar organizations are employing to manage day-to-day operations and mitigate risk and fraud within the U.S. financial system.

Item Number - C4P002