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.
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.
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