Fraud Resolution: Harnessing the Power of the White Glove

Foreword

This report, sponsored by PrivacyGuard, explores the immediate and long-term risks associated with identity fraud and account takeover fraud for organizations and consumers and establishes a case for employing a guided, white-glove approach to fraud protection and resolution. 

This report was adapted from the 2024 Identity Fraud Study: Resolving the Shattered Identity Crisis, published by Javelin Strategy & Research in April 2024. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis. 

Overview

As identity fraud and account takeover fraud losses sharply increase, fraud victims are left wondering how to resolve complex fraud incidents and how to prevent them from happening again. Fraud resolution can be an overwhelming and time-consuming process, and many victims are not sure where to start. Financial service providers must lend support to fraud survivors and potential victims. A white-glove approach to fraud protection and resolution will be the key to keeping customers and building trust. This more hands-on, guided approach will require that FIs provide consumer alerts in near real time, prompt consumer discussions about fraud trends and typologies, engage in early transparency about the fraud resolution process, and leverage the enlistment of dedicated fraud resolution specialists who can guide fraud victims through the entire resolution process.