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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 Systems, the leader in helping companies positively identify and authenticate customer, today announced the publication of new infographic, Growing Exposure to Identity Fraud Increases Financial Risk for Every Business and its Customers. The infographic highlights identity fraud trends impacting peer-to-peer (P2P) and mobile payment channels.
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 Systems® – the leader in helping companies positively identify and authenticate customers – today issued a white paper, Beating Fraud, Beating Friction: How Insurers Slash Costs and Delight Policyholders with Payment Innovation, discussing how insurers can protect against fraud. The white paper explores the growth of insurance claims fraud as well as the risks and opportunities associated with insurers’ payment processes.
As the methods of fraud become more sophisticated, the traditional tools and techniques used to verify identity have become less effective over time. Synthetic Identities have quickly emerged as an acute blind spot that resulting in unnecessarily high rates of application fraud and charge-offs. In order to successfully discern between fraudsters and legitimate customers, financial institutions must be able to bring a wide range of capabilities to bear as part of their identity verification workflows.
Fraud schemes, including phishing attacks, ACH fraud, and other payment schemes, have cost schools and universities millions in losses. And with newer, more sophisticated fraud tactics being brought to bear, there’s more to come.
GIACT announced a majority investment by Tritium Partners to accelerate its growth. The investment will allow GIACT to advance its leading fraud prevention data services and to broaden its customer and partner relationships. Additional terms were not disclosed.
It’s been said that faster payments lead to faster fraud, but what if identity verification and authentication technology become faster, too? More importantly: What if they become stronger?
According to David Barnhardt, CxO at GIACT, this is what must happen to thwart faster fraud.