Insights
Access GIACT’s latest news and announcements, white papers and webinars.
LSEG Partners With Mastercard to Enhance Digital Identity and Fraud Solutions for Customers
GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, to leverage its Open Banking capabilities to provide a secure account verification solution for customers.
The partnership will build on LSEG’s existing suite of digital identity and fraud solutions, allowing businesses to use a multi-method approach to verify account information for over 95%* of U.S. deposit accounts.
- Enrollments
- Payments
- Identity
- Compliance
Refinitiv Introduces Digital Onboarding Solution to Help Businesses Accelerate Secure and Frictionless New Customer Onboarding
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.
Fraud at Enrollment: The Impact of Application Fraud
GIACT’s new report, Fraud at Enrollment: The Impact of Application Fraud, explains the prevalence of application fraud, and how to secure online enrollment without unnecessarily impacting user experience.
Nacha Provides ACH Network Rules Update
Organizations increasingly rely on ACH to facilitate payments. To keep users up-to-date, Nacha — who oversees the ACH Network — provides regular updates to its members on new developments, rules and enforcements. To get a preview of what to expect in the next 12 months impacting ACH payments — from micro-deposit verification, increased payment limits, to account validation enforcement — join Nacha’s Director of ACH Network Rules and GIACT (a Refinitiv company) at 1 PM ET Wednesday, June 22 for a complimentary webinar.
The Importance of Lifecycle Management to Mitigate Fraud
Organizations have made significant investments to create user experiences that are easier, faster and more connected. But despite their best efforts to assemble a more secure system, fraud — including identity theft, account takeover and application fraud — continues to thrive.
Addressing Fraud & Risk Across the Customer Lifecycle
Criminals have become well-funded, well-organized and more effective at deploying sophisticated fraud tactics and hiding illicit funds. For more than a decade the industry has been calling for a solution to address the converging risks that span identity, payments, and suspicious activity.
Innovations in Identity Verification and Monitoring
In the face of new and emerging fraud threats, as well as onerous regulations, companies that want to mitigate fraud-related losses and streamline compliance will need to enhance how they monitor their customer population. To learn how, join GIACT’s David Barnhardt, Chief Experience Officer, for a webinar that discusses innovations in identity verification monitoring.
Best Practices to Reduce Identity and Payments Fraud in the Education Sector
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.
Mitigating Mobile Network Fraud with Secure Subscriber Enrollment
GIACT’s report, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment, details the best practices in secure digital enrollment.
GIACT Fraud Platform Now Automates PII Monitoring
Identity verification solutions provider GIACT Systems has announced the launch of an automated identity monitoring service called gIDENTIFY Persistent Monitoring, the company announced in a press release on Monday.
GIACT Report: $3.4B Lost To New Account Fraud In 2018
According to the report, The Evolution of New Account Fraud, produced by Javelin Strategy & Research, NAF tactics have shifted with the growing popularity of online accounts and payments.
GIACT Issues Report Identifying New Account Fraud Losses and Latest Targets
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the release of a newly commissioned report, The Evolution of New Account Fraud, produced by Javelin Strategy & Research.
The Evolution of New Account Fraud
According to a newly released white paper, commissioned by GIACT, and produced by Javelin Strategy & Research, new account fraud (NAF) is evolving. Fraudsters have piled into the digital channel and, with years of experience under their belts, they are diversifying their targets and tactics.
Nacha Announces GIACT® as a Preferred Partner for Account Validation
GIACT® is a new Nacha Preferred Partner for Account Validation. Nacha Preferred Partners are a select group of innovators that contribute to Nacha’s strategic efforts in support of the payments ecosystem by removing friction, increasing ease, improving cash flow accessibility and efficiency, as well as supporting sound risk management and security for ACH payments.
Equifax, GIACT Systems® Enter Strategic Alliance
GIACT Systems, a leader in helping companies positively identify and authenticate customers, and Equifax, a global data, analytics, and technology company, today announced a strategic alliance that will pair the strengths of both companies to help customers confront the challenges of identity verification and fraud prevention.
The Rise of New Account Fraud: Best Practices in Identification and Verification
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Breaking Down Organizational Silos To Break Fraud
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
GIACT Releases Report on How to Streamline and Protect Digital On-Boarding
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.
Digital On-Boarding: Safer, Smarter, and More Streamlined
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.
Beating Fraud, Beating Friction
The increasing sophistication of claims fraud tactics has propelled insurers’ fraud losses to an all-time high. Not only are insurers forced to grapple with steep increases in fraudulent activity, they are also being pressured by their policyholders’ demands for faster claims processing, disbursements, and resolution — as well as minimized policyholder service friction. To stay competitive, insurers need to innovate. Not only updating their policyholder service delivery channels, but also the fraud prevention tools that protect those channels.
Mitigating Utility Fraud with Secure Customer 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.
Refinitiv combines GIACT’s EPIC Platform with World-Check to help protect the consumer lifecycle
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.
Safeguarding Faster Payments: KYC, Account Validation Compliance and Best Practices
On March 19, 2021, Nacha implemented its WEB Debit Account Validation Rule, in part, to protect users from increasingly sophisticated fraud tactics.
The Paycheck Protection Program: Preparing for Round Two
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
Digital Payments’ New Normal: A Roadmap to Stopping the Threat Ahead
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
GIACT® Releases Report on Securing Faster Payments, Account Validation
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, Securing Faster Payments: Addressing the Account Validation Rule, on the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions.
Securing Faster Payments: Addressing the Account Validation Rule
GIACT’s new report, Securing Faster Payments: Addressing the Account Validation Rule, discusses the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions.
Coronavirus digital pay spike invites account takeover fraud
According to Javelin Strategy & Research, account takeover hit an estimated 3.6 million victims in 2018 – up from 1.4 million victims two years prior.
GIACT To Help Streamline Financial Aid For SMBs In COVID-19 Payout
GIACT, which helps to verify and authenticate customers for businesses, is getting into the fray of the Paycheck Protection Program (PPP) for small- to medium-sized businesses (SMBs) given by the U.S. government in the wake of the coronavirus pandemic.
GIACT Launches Emergency Fast Track Program to Assist Financial Institutions and Non-Bank Lenders with SBA Loan Disbursements
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a dedicated fast track program to help lenders disburse the $349 billion in Small Business Administration (SBA) loans provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
GIACT Launches Emergency Fast Track Program to Assist Financial Institutions and Non-Bank Lenders with SBA Loan Disbursements
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.
Fraud: What Pandemic Panic Buying And Black Friday Have In Common
These are unprecedented times — where the COVID-19 pandemic has shuttered stores and brought tens of millions of people (in the U.S. alone) indoors, where “home office” has taken on new meaning and where online commerce is now the way we buy.
Social Distancing Has Caused More Online Shopping. And Fraud.
Large swaths of the global economy have ground to a halt as governments scramble to stop the spread of COVID-19. In the U.S. alone, nearly 100 million people (and growing) have been directed to stay at home and practice social
Coronavirus increases exposure for digital payments fraud
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.
Theft in the Age of Digital Retail
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.
Securing Faster Payments: Modernizing Account Validation
GIACT’s new report, Securing Faster Payments: Modernizing Account Validation, explores the strengths and weaknesses of the most commonly used account validation solutions available and how payment originators looking to bolster their validation practices.
GIACT On Payments’ $29M Wire Fraud Wake-Up Call
Last week, the U.S. subsidiary of Japan’s largest financial media organization, Nikkei, made headlines for the reason that no firm ever wants: The company was the victim of financial fraud to the tune of $29 million via a wire transfer gone bad.
Citi Launches Citi® Verify Real-Time Data Validation Service for Institutions Utilizing GIACT’s EPIC Platform®
Citi’s Treasury and Trade Solutions (TTS) has launched Citi® Verify, a new identity and account verification solution that helps clients streamline customer on-boarding, reduce the risk of improper payments, and drive operational efficiencies.
GIACT Publishes Report on Securing Faster Payments, Account Validation Best Practices
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced a new white paper, Securing Faster Payments: Modernizing Account Validation, detailing account validation best practices related to ACH payments and NACHA’s upcoming change to its rule requiring that WEB debits be screened for fraud.
P2P’s speed puts personal info at greater risk
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
GIACT Announces Third Consecutive Year of Dramatic Growth
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.
LSEG Partners With Mastercard to Enhance Digital Identity and Fraud Solutions for Customers
GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, to leverage its Open Banking capabilities to provide a secure account verification solution for customers.
The partnership will build on LSEG’s existing suite of digital identity and fraud solutions, allowing businesses to use a multi-method approach to verify account information for over 95%* of U.S. deposit accounts.
34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds
GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.
The Impact of Identity Theft and Scams in 2021
virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud
challenge?
Consumer Scams: Rising in Velocity & Sophistication
GIACT (a Refinitiv company) released an addition to its annual identity theft report, developed by Aite-Novarica, on consumer scams in 2021.
According to the report, one-in-three (34%) U.S. consumers were targeted by scams in 2021. Scammers used email, phone calls, text message and social media, along with a variety of scam tactics and payment channels, to socially engineer victims out of their money and / or sensitive information.
U.S. Identity Theft in 2021: Adapting and Evolving
Announced today, GIACT (a Refinitiv company) released its annual report, developed by Aite-Novarica, on identity theft in 2021. According to the report, 25% of U.S. consumers were impacted by identity theft in 2021. The report’s findings follow record high rates of identity theft in 2020 and explosive growth in scam activity in 2021.
One in four U.S. consumers impacted by identity theft in 2021, Aite-Novarica consumer survey finds
Aite-Novarica, a research and advisory firm, today announced a new Impact Report commissioned by GIACT, a Refinitiv company, that details excessive high rates of identity theft – including application fraud and account takeover – and its impact on U.S. consumers along with virtually every type of financial product, commercial platform and government support.
Reducing Insurance Fraud Through Enhanced Identity Verification
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
When Your Customers Don’t Exist: The Reality of Synthetic Identity Fraud
Which customer is real and which is synthetic? Synthetic identity fraud is a growing problem, with the industry struggling to even identify, let alone mitigate, this type of fraud. A lack of general awareness, differing definitions and inconsistent reporting methods contribute to this challenge.
Improving the Lending Application Process Using Enhanced Identity Verification
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
Healthcare Fraud in 2022
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
Refinitiv’s GIACT® Adds Global Consumer and Business Identity Verification to its EPIC Platform®
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.
GIACT, Refinitiv Win Fintech Fraud Detection Deal of the Year 2021
DALLAS — May 11, 2021 — GIACT®, the leader in helping companies positively identify and authenticate customers, today announced that Refinitiv’s acquisition of GIACT has been named Fintech Fraud Detection Deal of the Year 2021 winner by Mergers & Acquisitions.
The Impacts of COVID-19 on Consumer Behavior: Will Changes Last?
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Identity Theft Impacts Nearly Half of U.S. Consumers, Aite Group Report Finds
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, U.S. Identity Theft: The Stark Reality, developed by Aite Group, and underwritten by GIACT, that uncovers the striking pervasiveness of identity theft perpetrated against U.S. consumers and tracks shifts in banking behaviors adopted as a result of the pandemic.
U.S. Identity Theft: The Stark Reality
GIACT’s new report, U.S. Identity Theft: The Stark Reality, developed by Aite Group and underwritten by GIACT, uncovers the striking pervasiveness of identity fraud perpetrated against U.S. consumers, tracking pandemic-related shifts in banking behaviors.
Addressing Sanctions, Compliance and Risk with Refinitiv World-Check
Fresh sanctions are putting a renewed emphasis on the need for organizations to orchestrate compliance and due diligence effectively. To date, the outcomes of these efforts have been varied – many organizations lack access to the breadth and depth of data required to properly vet consumers and businesses, or don’t have the integrations in place to do so in real time.
Nacha’s Account Validation Rule: A Push for Stronger Anti-Fraud Solutions
GIACT’s new report, Nacha’s 2021 Account Validation Rule: A Push for Stronger Anti-Fraud Solutions, details the potential challenges facing WEB debit payment originators as the new Nacha rule requiring proper account validation became effective on March 19, 2021.
Refinitiv successfully completes acquisition of GIACT
stems, LLC (“GIACT”), an industry leader in digital identity, payments verification and fraud prevention.
Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners
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.
The Fraud That 85 Percent Of Fraud Detection Systems Miss
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade.
How GIACT Approaches Risk Management & OFAC Compliance
When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with.
GIACT Systems Launches New Enhancement To Compliance Solution
Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing.
GIACT® Announces Automated OFAC Monitoring Product
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of gOFAC Monitoring – GIACT’s new OFAC compliance solution that eliminates false positives and accelerates compliance processing.
FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs
On May 11, 2018, financial institutions opening new accounts were required to implement greater due diligence on their customers than ever before. By law, as issued by the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), FIs must now collect and verify the identity of their legal entity customers’ beneficial owners. The potential cost, according to FinCEN estimates, to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
Are you Prepared for Beneficial Ownership?
On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions
Dallas, Texas – GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of Beneficial ID™ – a comprehensive digital platform built to directly address the Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury ruling requiring additional Customer Due Diligence (CDD) on financial institutions’ legal entity customers’ beneficial ownership. Beneficial ID is the first all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification.
GIACT Issues Report on FinCEN’s Beneficial Ownership Regulation
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.
- Enrollments
- Payments
- Identity
- Compliance
Refinitiv Introduces Digital Onboarding Solution to Help Businesses Accelerate Secure and Frictionless New Customer Onboarding
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.
Fraud at Enrollment: The Impact of Application Fraud
GIACT’s new report, Fraud at Enrollment: The Impact of Application Fraud, explains the prevalence of application fraud, and how to secure online enrollment without unnecessarily impacting user experience.
Nacha Provides ACH Network Rules Update
Organizations increasingly rely on ACH to facilitate payments. To keep users up-to-date, Nacha — who oversees the ACH Network — provides regular updates to its members on new developments, rules and enforcements. To get a preview of what to expect in the next 12 months impacting ACH payments — from micro-deposit verification, increased payment limits, to account validation enforcement — join Nacha’s Director of ACH Network Rules and GIACT (a Refinitiv company) at 1 PM ET Wednesday, June 22 for a complimentary webinar.
The Importance of Lifecycle Management to Mitigate Fraud
Organizations have made significant investments to create user experiences that are easier, faster and more connected. But despite their best efforts to assemble a more secure system, fraud — including identity theft, account takeover and application fraud — continues to thrive.
Addressing Fraud & Risk Across the Customer Lifecycle
Criminals have become well-funded, well-organized and more effective at deploying sophisticated fraud tactics and hiding illicit funds. For more than a decade the industry has been calling for a solution to address the converging risks that span identity, payments, and suspicious activity.
Innovations in Identity Verification and Monitoring
In the face of new and emerging fraud threats, as well as onerous regulations, companies that want to mitigate fraud-related losses and streamline compliance will need to enhance how they monitor their customer population. To learn how, join GIACT’s David Barnhardt, Chief Experience Officer, for a webinar that discusses innovations in identity verification monitoring.
Best Practices to Reduce Identity and Payments Fraud in the Education Sector
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.
Mitigating Mobile Network Fraud with Secure Subscriber Enrollment
GIACT’s report, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment, details the best practices in secure digital enrollment.
GIACT Fraud Platform Now Automates PII Monitoring
Identity verification solutions provider GIACT Systems has announced the launch of an automated identity monitoring service called gIDENTIFY Persistent Monitoring, the company announced in a press release on Monday.
GIACT Report: $3.4B Lost To New Account Fraud In 2018
According to the report, The Evolution of New Account Fraud, produced by Javelin Strategy & Research, NAF tactics have shifted with the growing popularity of online accounts and payments.
GIACT Issues Report Identifying New Account Fraud Losses and Latest Targets
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the release of a newly commissioned report, The Evolution of New Account Fraud, produced by Javelin Strategy & Research.
The Evolution of New Account Fraud
According to a newly released white paper, commissioned by GIACT, and produced by Javelin Strategy & Research, new account fraud (NAF) is evolving. Fraudsters have piled into the digital channel and, with years of experience under their belts, they are diversifying their targets and tactics.
Nacha Announces GIACT® as a Preferred Partner for Account Validation
GIACT® is a new Nacha Preferred Partner for Account Validation. Nacha Preferred Partners are a select group of innovators that contribute to Nacha’s strategic efforts in support of the payments ecosystem by removing friction, increasing ease, improving cash flow accessibility and efficiency, as well as supporting sound risk management and security for ACH payments.
Equifax, GIACT Systems® Enter Strategic Alliance
GIACT Systems, a leader in helping companies positively identify and authenticate customers, and Equifax, a global data, analytics, and technology company, today announced a strategic alliance that will pair the strengths of both companies to help customers confront the challenges of identity verification and fraud prevention.
The Rise of New Account Fraud: Best Practices in Identification and Verification
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Breaking Down Organizational Silos To Break Fraud
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
GIACT Releases Report on How to Streamline and Protect Digital On-Boarding
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.
Digital On-Boarding: Safer, Smarter, and More Streamlined
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.
Beating Fraud, Beating Friction
The increasing sophistication of claims fraud tactics has propelled insurers’ fraud losses to an all-time high. Not only are insurers forced to grapple with steep increases in fraudulent activity, they are also being pressured by their policyholders’ demands for faster claims processing, disbursements, and resolution — as well as minimized policyholder service friction. To stay competitive, insurers need to innovate. Not only updating their policyholder service delivery channels, but also the fraud prevention tools that protect those channels.
Mitigating Utility Fraud with Secure Customer 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.
Refinitiv combines GIACT’s EPIC Platform with World-Check to help protect the consumer lifecycle
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.
Safeguarding Faster Payments: KYC, Account Validation Compliance and Best Practices
On March 19, 2021, Nacha implemented its WEB Debit Account Validation Rule, in part, to protect users from increasingly sophisticated fraud tactics.
The Paycheck Protection Program: Preparing for Round Two
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
Digital Payments’ New Normal: A Roadmap to Stopping the Threat Ahead
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
GIACT® Releases Report on Securing Faster Payments, Account Validation
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, Securing Faster Payments: Addressing the Account Validation Rule, on the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions.
Securing Faster Payments: Addressing the Account Validation Rule
GIACT’s new report, Securing Faster Payments: Addressing the Account Validation Rule, discusses the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions.
Coronavirus digital pay spike invites account takeover fraud
According to Javelin Strategy & Research, account takeover hit an estimated 3.6 million victims in 2018 – up from 1.4 million victims two years prior.
GIACT To Help Streamline Financial Aid For SMBs In COVID-19 Payout
GIACT, which helps to verify and authenticate customers for businesses, is getting into the fray of the Paycheck Protection Program (PPP) for small- to medium-sized businesses (SMBs) given by the U.S. government in the wake of the coronavirus pandemic.
GIACT Launches Emergency Fast Track Program to Assist Financial Institutions and Non-Bank Lenders with SBA Loan Disbursements
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a dedicated fast track program to help lenders disburse the $349 billion in Small Business Administration (SBA) loans provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
GIACT Launches Emergency Fast Track Program to Assist Financial Institutions and Non-Bank Lenders with SBA Loan Disbursements
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.
Fraud: What Pandemic Panic Buying And Black Friday Have In Common
These are unprecedented times — where the COVID-19 pandemic has shuttered stores and brought tens of millions of people (in the U.S. alone) indoors, where “home office” has taken on new meaning and where online commerce is now the way we buy.
Social Distancing Has Caused More Online Shopping. And Fraud.
Large swaths of the global economy have ground to a halt as governments scramble to stop the spread of COVID-19. In the U.S. alone, nearly 100 million people (and growing) have been directed to stay at home and practice social
Coronavirus increases exposure for digital payments fraud
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.
Theft in the Age of Digital Retail
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.
Securing Faster Payments: Modernizing Account Validation
GIACT’s new report, Securing Faster Payments: Modernizing Account Validation, explores the strengths and weaknesses of the most commonly used account validation solutions available and how payment originators looking to bolster their validation practices.
GIACT On Payments’ $29M Wire Fraud Wake-Up Call
Last week, the U.S. subsidiary of Japan’s largest financial media organization, Nikkei, made headlines for the reason that no firm ever wants: The company was the victim of financial fraud to the tune of $29 million via a wire transfer gone bad.
Citi Launches Citi® Verify Real-Time Data Validation Service for Institutions Utilizing GIACT’s EPIC Platform®
Citi’s Treasury and Trade Solutions (TTS) has launched Citi® Verify, a new identity and account verification solution that helps clients streamline customer on-boarding, reduce the risk of improper payments, and drive operational efficiencies.
GIACT Publishes Report on Securing Faster Payments, Account Validation Best Practices
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced a new white paper, Securing Faster Payments: Modernizing Account Validation, detailing account validation best practices related to ACH payments and NACHA’s upcoming change to its rule requiring that WEB debits be screened for fraud.
P2P’s speed puts personal info at greater risk
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
GIACT Announces Third Consecutive Year of Dramatic Growth
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.
LSEG Partners With Mastercard to Enhance Digital Identity and Fraud Solutions for Customers
GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, to leverage its Open Banking capabilities to provide a secure account verification solution for customers.
The partnership will build on LSEG’s existing suite of digital identity and fraud solutions, allowing businesses to use a multi-method approach to verify account information for over 95%* of U.S. deposit accounts.
34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds
GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.
The Impact of Identity Theft and Scams in 2021
virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud
challenge?
Consumer Scams: Rising in Velocity & Sophistication
GIACT (a Refinitiv company) released an addition to its annual identity theft report, developed by Aite-Novarica, on consumer scams in 2021.
According to the report, one-in-three (34%) U.S. consumers were targeted by scams in 2021. Scammers used email, phone calls, text message and social media, along with a variety of scam tactics and payment channels, to socially engineer victims out of their money and / or sensitive information.
U.S. Identity Theft in 2021: Adapting and Evolving
Announced today, GIACT (a Refinitiv company) released its annual report, developed by Aite-Novarica, on identity theft in 2021. According to the report, 25% of U.S. consumers were impacted by identity theft in 2021. The report’s findings follow record high rates of identity theft in 2020 and explosive growth in scam activity in 2021.
One in four U.S. consumers impacted by identity theft in 2021, Aite-Novarica consumer survey finds
Aite-Novarica, a research and advisory firm, today announced a new Impact Report commissioned by GIACT, a Refinitiv company, that details excessive high rates of identity theft – including application fraud and account takeover – and its impact on U.S. consumers along with virtually every type of financial product, commercial platform and government support.
Reducing Insurance Fraud Through Enhanced Identity Verification
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
When Your Customers Don’t Exist: The Reality of Synthetic Identity Fraud
Which customer is real and which is synthetic? Synthetic identity fraud is a growing problem, with the industry struggling to even identify, let alone mitigate, this type of fraud. A lack of general awareness, differing definitions and inconsistent reporting methods contribute to this challenge.
Improving the Lending Application Process Using Enhanced Identity Verification
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
Healthcare Fraud in 2022
In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.
Refinitiv’s GIACT® Adds Global Consumer and Business Identity Verification to its EPIC Platform®
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.
GIACT, Refinitiv Win Fintech Fraud Detection Deal of the Year 2021
DALLAS — May 11, 2021 — GIACT®, the leader in helping companies positively identify and authenticate customers, today announced that Refinitiv’s acquisition of GIACT has been named Fintech Fraud Detection Deal of the Year 2021 winner by Mergers & Acquisitions.
The Impacts of COVID-19 on Consumer Behavior: Will Changes Last?
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Identity Theft Impacts Nearly Half of U.S. Consumers, Aite Group Report Finds
GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, U.S. Identity Theft: The Stark Reality, developed by Aite Group, and underwritten by GIACT, that uncovers the striking pervasiveness of identity theft perpetrated against U.S. consumers and tracks shifts in banking behaviors adopted as a result of the pandemic.
U.S. Identity Theft: The Stark Reality
GIACT’s new report, U.S. Identity Theft: The Stark Reality, developed by Aite Group and underwritten by GIACT, uncovers the striking pervasiveness of identity fraud perpetrated against U.S. consumers, tracking pandemic-related shifts in banking behaviors.
Addressing Sanctions, Compliance and Risk with Refinitiv World-Check
Fresh sanctions are putting a renewed emphasis on the need for organizations to orchestrate compliance and due diligence effectively. To date, the outcomes of these efforts have been varied – many organizations lack access to the breadth and depth of data required to properly vet consumers and businesses, or don’t have the integrations in place to do so in real time.
Nacha’s Account Validation Rule: A Push for Stronger Anti-Fraud Solutions
GIACT’s new report, Nacha’s 2021 Account Validation Rule: A Push for Stronger Anti-Fraud Solutions, details the potential challenges facing WEB debit payment originators as the new Nacha rule requiring proper account validation became effective on March 19, 2021.
Refinitiv successfully completes acquisition of GIACT
stems, LLC (“GIACT”), an industry leader in digital identity, payments verification and fraud prevention.
Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners
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.
The Fraud That 85 Percent Of Fraud Detection Systems Miss
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade.
How GIACT Approaches Risk Management & OFAC Compliance
When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with.
GIACT Systems Launches New Enhancement To Compliance Solution
Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing.
GIACT® Announces Automated OFAC Monitoring Product
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of gOFAC Monitoring – GIACT’s new OFAC compliance solution that eliminates false positives and accelerates compliance processing.
FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs
On May 11, 2018, financial institutions opening new accounts were required to implement greater due diligence on their customers than ever before. By law, as issued by the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), FIs must now collect and verify the identity of their legal entity customers’ beneficial owners. The potential cost, according to FinCEN estimates, to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
Are you Prepared for Beneficial Ownership?
On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions
Dallas, Texas – GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of Beneficial ID™ – a comprehensive digital platform built to directly address the Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury ruling requiring additional Customer Due Diligence (CDD) on financial institutions’ legal entity customers’ beneficial ownership. Beneficial ID is the first all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification.
GIACT Issues Report on FinCEN’s Beneficial Ownership Regulation
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.
