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GIACT® Releases Report Detailing Latest Fraud Trends, Prevention Strategies for the Year Ahead
Thursday, October 1, 2020
DALLAS, Sept. 30, 2020 /PRNewswire/ -- GIACT(®), the leader in helping companies positively identify and authenticate customers, today announced a new report, Identity Fraud in the Digital Age, developed by Javelin Strategy & Research, sponsored by GIACT, on the challenges of preventing new and emerging fraud threats and what businesses should consider in their fraud prevention strategies for the year ahead. The report details several trends associated with the accelerated movement toward digital accounts and payments, and how businesses are likely to be impacted from a fraud, risk and reputational standpoint.
Click here to download the white paper
"We are entering a new era of payments, identity fraud and risk," said Melissa Townsley-Solis, co-founder and CEO at GIACT. "So much of our daily lives have transitioned to online platforms - from mortgage to insurance payments, grocery shopping and everyday transactions - that the issue of fraud now extends far beyond traditional banking products. We have seen, for example, a massive uptick in targeted businesses email compromise schemes; better, more sophisticated fictitious identities and attacks on new account openings; as well as reputational consequences for businesses whose consumers' fall victim to fraud. Businesses need to re-evaluate their fraud prevention strategies so that as they expand their operations digitally, risk is contained, and consumers are protected."
According to the report, increased fraud activity coupled with weak consumer protections has left many businesses open to attack. This is underscored by the fact that many businesses continue to rely on passwords to protect sensitive financial information. It's a part of the reason why account takeovers increased 72% in 2019 - the uptick is being felt across platforms, including checking and savings accounts, online accounts, email accounts, store-branded credit card accounts, social media accounts and others.
"The ability of fraud operators to create high-quality, detailed fictitious identities and forms of identification has made the authentication process significantly more difficult," said John Buzzard, Lead Fraud & Security Analyst at Javelin Strategy & Research. "Businesses can no longer rely on passwords or a one-step authentication process if they want to truly reduce risk and protect customers. The issue of strengthening authentication is particularly pressing as many businesses have already had to ramp up their digital operations and move towards a more flexible, remote workforce in response to the COVID-19 pandemic."
The report also highlights keys to identity fraud prevention, including a new approach to authentication, consumer education and payment security.
To access the full white paper, click here.
About GIACT
GIACT(®) has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we've processed billions of transactions for our more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409. Follow us on LinkedIn and Twitter.
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SOURCE GIACT
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