Business email compromise, or BEC – defined as a fraud tactic using email to socially engineer an employee to install malware or unwittingly transfer/redirect funds into a fraud operator’s account – is an increasingly sophisticated and elusive fraud tactic. According to the FBI, BEC is a $2 billion a year business.
As travel restrictions tighten, and social distancing in the coming weeks becomes the new normal, financial interactions – from shopping to banking – will increasingly move online. The rise in purchase volume that will result will not only test supply chains, but also the ability of individuals and businesses to avoid fraud traps.
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, Undeliverable as Addressed, on the costly problem of returned mail as a result of deficient identity management.
GIACT Systems, LLC, the leader in helping companies positively identify and authenticate customers, today announced a new report, Undeliverable as Addressed: The Staggering Cost of Returned Mail and How Proactive Identity Monitoring Can Solve the Problem, on the costly problem of returned mail as a result of deficient identity management.
Now that it’s well into 2020, we’re in the midst of a rapidly evolving fraud landscape. Gone are the days where fraudsters primarily operated in the physical world, using stolen credit cards to make transactions. Instead, as society has become increasingly digital, so have fraudsters.
Synthetic identity fraud (SIF) is one of the fastest-growing types of financial crime in the U.S. Insurers need to enhance their identity and account validation practices to identify and prevent SIF, protect customer accounts and mitigate losses.
Unlike shoplifting, no security alarm goes off when identity fraud is committed. In the age of digital retail, particularly in a post-breach world where millions of identities have been exposed, that should alarm most retailers.
GIACT® Systems, LLC, the leader in helping companies positively identify and authenticate customers, today announced a new report, The Identity Verification Manual, developed to help automotive dealerships and captive auto finance identify ways to reduce auto theft and fraud with active identity verification.
Automotive fraud has spiked. Increasingly, as auto sales have migrated from in-person to online, fraudulent actors have capitalized on the use of false and stolen identities.
GIACT’s new report, Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners, provides clarity around the collection and verification requirements of beneficial ownership.
700 Central Expressway S.
Suite 300
Allen, TX 75013
(866) 918-2409
© Copyright 2022 GIACT Systems, LLC
