So many fraudulent situations exist today, from credit cards to banks accounts and all the way to identity theft. At this point, there is the potential for almost anyone to take the complete details of your identity to create a whole additional person. People are constantly reporting the addition of cards and accounts on their credit reports from locations where they would never have even considered applying.
How Does Enrollment Fraud Begin?
There are many different theories about how consumer information, and that includes all of the personal details from social security numbers to bank accounts and credit history, being stolen in a hack or even sold from social media and other databases. While there are many different corporations you work with for a positive relationship, eventually there always becomes the possibility for your personal information to be sent right out the front door.
Credit Card Fard is The Largest
While credit card fraud as of 2017 made up almost 17% of enrollment fraud, there were already details of a consumer’s life that required verification in order to acquire that credit card. Some of these different verification steps include the following:
- Verify bank account holder
- Electronic check verification
- Checking account verification systems
- Bank account verification software
- Bank account validation
- Bank account verification
- Bank account holder verification
- Bank account number verification