Fraud Prevention Blog

Analog Identity Theft is a Bigger Problem than Digital Identity Theft

Posted by Sean Trundy on Tue, Jun 19, 2018 @ 02:17 PM

When it comes to assessing your risk of identity theft and fraud, being digitally compromised in a major, headline-news-style data breach is not your only threat.

Media stories focus on huge data breaches such as the Equifax data loss in 2017 which compromised more than 140 million Americans’ personal data. In fact, data theft reached record levels in 2017, with over 1,500 reported incidents of hacking that exposed around 180 million records.

Topics: identity theft, ID authentication, fraud prevention, counterfeit detection

Why It’s Always Important To CYA

Posted by Stephanie Cho on Tue, Apr 17, 2018 @ 02:12 PM

You know it’s important to protect your business against fraud, but how do you protect your business when it’s being accused of facilitating fraud?

Topics: identity authentication, identity documents, fraud prevention

CNP to Hit $70 Billion in the Next 5 Years

Posted by Sean Trundy on Thu, Jul 13, 2017 @ 02:57 PM

Retailers are on course to lose more than $70 billion globally to remote “card-not present” (CNP) fraud over the next five years. Despite this fact, retail managers of both large and small operations are under the financially fatal impression that fraud prevention is too costly.

Topics: cnp fraud, identity authentication, identity fraud, fraud prevention

Counterfeit Money Detection 101

Posted by Stephanie Cho on Wed, May 24, 2017 @ 03:23 PM

TABLE OF CONTENTS
Why You Need to be Vigilant about Checking Money
Naked Eye vs. Counterfeit Detectors
Naked Eye Counterfeit Money Detection Methods
Counterfeit Detector Types

Topics: counterfeit money, counterfeit money detectors, counterfeit fraud prevention, fraud prevention

Compliance & Fraud Prevention in Remote Onboarding for Banks

Posted by Sean Trundy on Tue, Jan 24, 2017 @ 07:29 AM

TABLE OF CONTENTS
Remote Banking
Mobile Client Onboarding is the Next Frontier
Mobile Identity Authentication
Known Fraudster Checks

Topics: mobilverify, identity authentication, ID authentication, ID authentication app, fraud prevention

The Troubling Pervasiveness of Return Fraud - and What You Can Do About It

Posted by Stephanie Cho on Wed, Dec 28, 2016 @ 09:34 AM

TABLE OF CONTENTS
What is Return Fraud?
Return Fraud Statistics
Why is Return Fraud such a Problem?
How to Prevent Return Fraud

Topics: fraud, fraud prevention, return fraud, retail fraud, holiday season

EMV Not a Cure-All for Credit Card Fraud

Posted by Stephanie Cho on Wed, Aug 17, 2016 @ 03:32 PM

Chip-enabled (EMV) credit cards are designed to be more secure than magnetic stripe cards because the ability of the chip to create dynamic, single-use data that is nearly impossible for fraudsters to counterfeit. At least, that is how the main advantage of EMV credit cards was touted by the consortium of card-issuing banks and other institutions that had been suffering billions of dollars of losses for years leading up the October 1, 2015 deadline for US businesses to adopt the new EMV standard.

Topics: emv, credit card, credit card fraud, fraud prevention

Annoyed with Millennials? Well, Now They're Your Biggest Customer Base

Posted by Stephanie Cho on Wed, Jul 06, 2016 @ 02:32 PM

An estimated 9 million American identities are stolen each year – it’s no wonder why identity theft is the #1 complaint amongst American consumers, according to the Federal Trade Commission (FTC).

Although dealing with identity theft and fraud is akin to addressing the elephant in the room – no one wants to do it – it is becoming increasingly important that businesses, particularly those in the banking industry, take the lead in providing fraud prevention solutions for their customers, lest they want to miss out on profiting from the biggest generation since the Baby Boomers: the Millennials.

Millennials, unlike previous generations, live and breathe technology. And this coupled with the fact that rampant rates of identity theft and fraud have left American consumers – no matter which generation they’re from – fearing identity theft the most whenever they’re online, means that preventing and addressing security concerns needs to be a priority when attempting to attract this upcoming technology-dependent generation as customers.

Topics: fraud, fraud prevention, mobile, mobile fraud prevention, millennials

A Modern Solution for Fraud Prevention in Mobile and Online Environments

Posted by Sean Trundy on Tue, Jun 28, 2016 @ 02:47 PM

Mobile Identity Authentication

Many potential business-cases point to the desire to have an identity authentication solution available as a mobile application on a smart phone or tablet. In some cases, it simply isn’t feasible to have a stationary device, tethered to a PC, available at the location where authentications must occur. In other cases, it may be desirous to have a client that is not in your physical store or branch location conduct an identity authentication wherever they are – which might be in their home, at a hotel, or even walking on the street.

Topics: mobilverify, identity authentication, mobile fraud protection, fraud prevention, identity authentication app

Fraud & Identity Theft: More Common Than You Think

Posted by Stephanie Cho on Mon, Sep 21, 2015 @ 03:08 PM

Before the advent of the internet, global electronic communications, and online databases, it was a simpler time for the world of fraud: mainly consisting of counterfeit money and documents signed with a forged signature. While these crimes caused inconvenience and loss, the extent of the damage was relatively limited in scope and financial loss compared to today. 

Topics: identity theft, fraud protection tips, fraud prevention protection, fraud prevention, fraud