Account Takeover Fraud , Fraud Management & Cybercrime

Account Opening Fraud: Leveraging Device ID Authentication

Charanjeet Singh Bhatia of First Abudhabi Bank on Digital Account Opening Fraud
Charanjeet Singh Bhatia, senior vice president and head of fraud risk and investigation at First Abudhabi Bank

With account opening becoming a business for fraudsters, financial institutions need to find ways to better leverage device authentication, says Charanjeet Singh Bhatia, senior vice president and head of fraud risk and investigation at First Abudhabi Bank.

See Also: Rapid Digitization and Risk: A Roundtable Preview

"Companies can put in algorithms and associated IDs with each of the devices. So, you could have a filter here to check if Mr. X is trying to register with the same device as Mr. Y. You can also put in an algorithm to check the number of account opening requests coming from a common device ID," he says Bhatia.

In an interview with Information Security Media Group, Bhatia also discusses:

  • Challenges for anti-fraud practitioners in the age of digital banking;
  • Lessons learned from the United Arab Emirates' face recognition platform;
  • New authentication tools for digital account opening.

Bhatia is an anti-fraud professional with 23 years of experience in the financial services sector. He has worked in India, Tanzania and the UAE and serves as chairperson of the UAE Banks Federation's Fraud Prevention Committee.

The views expressed in this video are personal and do not represent the bank

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.




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