March 5, 2019

Layers of Identity Attributes & Data Diversification – Key to Fighting Fraud

The recent data breach and privacy events have been game-changers. In the first half of 2018 alone, 4.5 billion data records were compromised worldwide. With more and more personal information swimming in the dark web, there is an abundant supply for fraudsters to work with, which is impacting customer-not-present transactions online and digital environments, in particular. There is little denying that more fraud is happening with increased sophistication and prevalence. Our research found that 9 out of 10 companies believe recent breaches have adversely impacted their business operations in significant ways. Companies are experiencing higher fraud rates and risk, including more incidents of synthetic identity fraud, account takeovers, and other types. Moreover, nearly 60% of businesses faced increases in fraud attempts this year – double the number who said it remained the same. Companies also don’t feel prepared to detect and deter fraud, especially the more sophisticated types such as…

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