Benjamin Ayer

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.

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.

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.

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.