What is new account opening fraud? can make it through the application process—especially for remote bank accounts opened entirely online and via mobile—using either their own stolen identity documents or a synthetic identity built with data from a deceased person or child. Without proper checks in place, these fraudulent accounts can then be used to make illicit purchases and launder money and remain undetected for years. As a result, financial institutions can lose millions in lost revenue from these accounts.

The first step to prevent account opening fraud is to understand how criminals perpetrate these crimes. Knowing the tactics they use and the warning signs to look out for can help your team nip fraud in the bud.

Demystifying New Account Opening Fraud: What You Need to Know

Many criminals are adept at using identity theft victims’ information to pass security checkpoints during the onboarding process, especially if they use their own names and address information that matches those in the victim’s files. However, a major difference between the name on an ID and the name attached to the applicant’s social security number is often a sign of fraud.

Also, if the address on the ID doesn’t match the home or business address in the new account application, this is another sign of fraud. This is often done by fraudsters who attempt to avoid detection by supplying a fake mail drop address. This can be easily identified by checking a new account for compliance with Know Your Customer (KYC) regulations through passive liveness detection.

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Gina Boudreau, a White Earth Nation member in Minnesota, says that tobacco is sacred to her people. It’s offered to the Creator during prayers and used in sweat lodges, pipe ceremonies, and as a gift. But she’s worried that customs that once encouraged growing and respecting the plant have been eroded over time, and Native communities are exposed primarily to commercial versions of it. That’s despite the fact that cigarette production is booming on and around reservations across the country, including at four cigarette manufacturing enterprises on the Seneca Nation in western New York. White placards advertising Buffalo, Gator and Senate cigarettes dot the roads around the tribe’s Cattaraugus territory.

But what if the images on those native smoke packs didn’t actually depict American Indian warriors, thunderbirds and peace pipes? That’s what a recent study published in BMJ Tobacco Control found. Researchers asked participants to look at a picture of a Natural American Spirit (NAS) pack, which featured an American Indian warrior, a thunderbird and a peace pipe. More than half of the American Indian/Alaska Native respondents shown those images misperceived that NAS was owned and grown by American Indians and on tribal lands.

Native Smokes in Canada: Where to Find Them

And that, the study suggests, may be a significant factor in why more American Indians use tobacco than do other Americans. Previous research has shown that higher poverty rates and less education are also linked to smoking patterns, but these factors have often been reported without adjusting for the fact that many tribes are largely surrounded by commercial tobacco.

Native Cigarettes Canada
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