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.
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.
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.
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.
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