Creating a Digital Portrait to Prevent Omnichannel Fraud

Foreword

This report, sponsored by FIS, explores the next step in controlling and reducing account-based fraud by using advanced technology and procedures that include a deeper understanding of each accountholder and data element.

This report was adapted from “The Butterfly Effect,” published by Javelin Strategy & Research in March 2023. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis.

Overview

As identity fraud losses continue to escalate across the financial services industry, increased attention is required in terms of technology and overall day-to-day procedures. Financial service providers and their vendor-partners need to press forward in developing an innovative series of solutions that will help stabilize the erosion of consumer trust that has been slipping with so many incidents of identity fraud—now an annual $43 billion problem.