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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.
Of all the fraud vectors plaguing the payments industry, synthetic identity fraud is one of the most concerning. Unlike card-present fraud, which is on the decline due to the widespread adoption of EMV technology, synthetic fraud is on the rise.
The digital revolution has enhanced how we shop, pay our phone bill or purchase a home. But it comes with a downside: people’s personally identifiable information (PII) is increasingly being compromised in data breaches then used by criminals to take over accounts or to make new, fake ones.
Synthetic identity fraud – a sophisticated identity fraud scheme in which criminals combine personal information to create fictitious identities – is successfully bypassing traditional anti-fraud protections, resulting in billions in losses.
Synthetic identity fraud (SIF) schemes create identities out of real and fake personally identifiable information (PII). These schemes can be difficult to detect as they combine completely valid information with fictitious, yet established, e-mail and social media accounts, for example.
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of gIDENTIFY Persistent Monitoring™ – a new identity monitoring solution that automates the monitoring of specific personally identifiable information (PII).
NACHA, the Electronic Payments Association overseeing the ACH network, changed its Operating Rules governing account ACH payments. According to the rules, originators of WEB debit entries are required to use a “commercially reasonable fraudulent transaction detection system” to screen for fraud.
The good news in the world of fighting fraud and cybercrime is that, by the numbers, the battle against the thieves has been shown to be tipping toward the white hats. As GIACT EVP David Barnhardt noted in a recent conversation with Karen Webster, overall fraud dropped 15 percent between 2017 and 2018.
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the release of the Javelin 2019 Identity Fraud Study, sponsored in part by GIACT.