Faster Payments is quickly becoming a reality in the U.S. for multiple use cases, ranging from person-to-person (P2P), to corporate disbursements (B2C), and much larger B2B transactions. While the transition to faster payments is a positive development for both businesses and consumers, it carries significant and hidden risks.
Fraud schemes, including phishing attacks, ACH fraud, and other payment schemes, have cost schools and universities millions in losses. And with newer, more sophisticated fraud tactics being brought to bear, there’s more to come.
To streamline the enrollment process, while reducing the potential for fraud, GIACT, a Refinitiv company — the leader in helping companies positively identify and authenticate customers — released a new white paper Mitigating Utility Fraud with Secure Customer Enrollment, detailing the best practices in digital enrollment.
Deficient patient enrollment can result in serious financial and legal repercussions, including instances of medical identity theft and compliance issues. And with more healthcare data available to bad actors, fraud is at an all time high.
In the wake of the Equifax breach, fraudsters now have 143 million new tools at their fingertips to explore new avenues of payments fraud, particularly when it comes to new account enrollments, account takeover and synthetic identity-based fraud. The impact of this breach will be felt for years to come. Millions of consumers are being placed at risk for the indefinite future, perhaps for the rest of their lives.
GIACT, a Refinitiv company, today announced that it has added a global consumer and business identity verification solution, gIDENTIFY® Global, to its EPIC Platform. gIDENTIFY Global represents a significant advancement in global identity verification, allowing U.S. organizations to validate non-U.S. persons across 38 countries and businesses across 11 countries, respectively.
Beginning September 15, same-day ACH Debits will become a reality for financial institutions, payments providers, businesses, and consumers. Despite this looming transition, the majority of organizations are not prepared for offering this new service to their customers.
GIACT announced a majority investment by Tritium Partners to accelerate its growth. The investment will allow GIACT to advance its leading fraud prevention data services and to broaden its customer and partner relationships. Additional terms were not disclosed.
It’s been said that faster payments lead to faster fraud, but what if identity verification and authentication technology become faster, too? More importantly: What if they become stronger?
According to David Barnhardt, CxO at GIACT, this is what must happen to thwart faster fraud.
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the release of a report, Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners, detailing compliance specifics and best practices around beneficial ownership.
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