Identity Verification In A Fraud-Ridden World
- Date: August 08, 2023
- Author(s):
- Suzanne Sando
- Report Details: 16 pages, 6 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
Foreword
This report, sponsored by Intellicheck, explores the growing pervasiveness of identity fraud that stems from a lack of proper authentication and identity verification measures. The importance of employing a robust identity verification and authentication solution that best immobilizes identity fraud throughout the entire account lifecycle is made evident by the ever-evolving threat of new-account fraud and account takeover fraud. Javelin Strategy & Research, an Escalent company, maintains complete independence in its data collection, findings, and analysis.
Overview
When the state of identity fraud is examined, the losses consumers and financial institutions have sustained over the years can seem insurmountable, particularly as losses from traditional identity fraud like new-account fraud and account takeover fraud spike, much like they did in 2021. Criminals invent endlessly creative ways to exploit consumers; anything that gives them unauthorized access to existing accounts or the ability to use stolen information from a legitimate consumer to create new accounts is fair game. If those losses are to be controlled—and, more important, reduced—robust identity verification and authentication at account opening and throughout the account lifecycle must be a top priority for financial institutions.
Download Whitepaper Form
Related content
Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness
Javelin Strategy & Research sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are a...
Password Fatigue: A Case for Multilayered Passwordless Authentication
Traditional password-centered authentication is becoming less secure as cyberattacks increase in sophistication and consumers grow tired of strong password requirements. Financial ...
The Promise of Digital IDs: Reduced Fraud and Efficient ID Proofing
The move toward digital forms of ID is accelerating around the United States, and a greater use of such identification methods promises to reduce fraud losses and increase security...