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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.
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 is a leading eCommerce fraud prevention company that specializes in using advanced identity and account verification technology to help companies positively identify and authenticate customers.
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.
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
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.
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.
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.
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.