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Fraud Prevention Blog

The True Cost of Fraud Impacting Financial Services firms and Lenders

Posted by Eric Haruki on Fri, Apr 16, 2021 @ 11:41 AM

LexisNexis (LN) recently released its Financial Services & Lending focused 2020 True Cost of Fraud Study, which points to fraud trends that will significantly impact banks/credit unions, investment firms, and lending institutions in the months and years ahead.

Topics: fraud prevention protection, loss prevention

Empower Point of Sale Employees With Fraud-Fighting Technology

Posted by Sean Trundy on Tue, Mar 09, 2021 @ 11:07 AM

Employees tasked with running cash registers and point of sale (POS) systems are a store’s first defense against credit card, ID document and currency fraud. Training point-of-sale employees to detect fraudulent identity documents, counterfeit money, and other problematic materials is an essential part of bolstering a company’s resistance to loss and theft.

However, even the best training programs cannot take the place of specially designed fraud detection equipment. Items like ultraviolet lights provide valuable support in loss prevention and company security.

Topics: fraud protection tips, retail fraud, counterfeit money, fake money, counterfeit fraud, counterfeit detection, fraud prevention protection, counterfeit fraud prevention, counterfeit money detectors, fraud prevention

When do we return to the bad-old-days of normal fraud?

Posted by Eric Haruki on Sun, Mar 07, 2021 @ 10:23 PM

As of this writing in early March 2021, COVID19 vaccine deployments have given society a proverbial “shot in the arm”, granting a tantalizing view of life in the after-days.  Given demonstrated vaccine efficacy, the US and the world at large are slowly grinding toward a return to coveted “normalcy” -- we just need to remember that there was much bad along with good prior to entering the Coronavirus cloud.   

Topics: regulatory compliance, authenticating drivers licenses, fraud news, authenticating driver's licenses, fraud prevention protection, counterfeit fraud prevention, mobile fraud, remote fraud, application fraud, new account fraud, identity verification, identity authentication app, mobile, trends, identity fraud

How Selfies Fight Fraud

Posted by Eric Haruki on Tue, Feb 23, 2021 @ 02:38 PM

Ah, the Selfie. Equal parts necessary vacation documenter to cringe worthy "maybe that wasn't such a good idea last night" observer.

Let's face it, these days without the selfie you can't prove you did that epic two mile hike up to that scenic peak. Nor would you have any bonafides that you got into that exclusive club or show.

Just as we might grumble that the Selfie is now a ubiquitous and accepted act within our daily lives, imagine the debates that must have raged within the hallowed halls of the Oxford University Press before begrudging acceptance of that noun into its pages.

Selfies can surely be an eye rolling, strained face producing, path-blocking picture taking, bane to polite society.

But as a powerful tool against Fraud?


New Environment, Vital Solutions

As a vast understatement, the past year has been challenging across the entire spectrum of... life. Specifically within the business context, companies have had to frantically adjust their internal operations and develop alternative means to transact with customers.

Traditional businesses reliant on face-to-face engagement, a handshake, and a signature on the dotted line have had to pivot to keep the doors open.

How do your customers shop and buy a car if they're not sitting next to a salesperson in a test drive? How do you calmly assuage concerns while reviewing a 100 page escrow document before your clients commit to a 30-year mortgage or a long term life insurance plan?

Beyond new transaction methods, emergent security questions and concerns are just as pressing. In a virtual online or phone transaction, how do I know who's on the other side doing the buying? Are we being scammed? Are we enabling fraudsters to scam an identity theft victim? What are our risks? What's our liability?

More than ever, companies need to ensure their security, all while keeping the wheels of commerce spinning. If only there was a way to know your customer without them being physically there...?

Enter the selfie as a legitimate identity verification cross-check and a powerful pre-transaction deterrent from fraud.

Of course, selfies on their own aren't the impenetrable wall standing between you and criminals. As with any security best practice today (and prize winning chili recipes), selfies are but one component in a multi-layered stack of measures and methods that formulate a comprehensive security solution (or recipe).

To start, for selfies to be a contributor to ensuring valid identity authentication and secure transactions, a good image has to be taken.

Something like this: 

Or like this: 

But no, not like this: 

And never this: 


By providing a selfie in a remote transaction, in conjunction with a scanned, submitted, and verified-as-authentic government issued ID, a customer validates their identity via a "live" security cross-check within the transaction process.

Further, and maybe even more impactful, the deliberate act of taking the selfie provides a sober moment of introspection and (likely) deterrence to the fraudster, knowing that they're shining a blazing light of transparency and truth onto their nefarious act.


Agile to your needs, Rigorous throughout

Uveritech's PALIDIN represents a comprehensive Identity Authentication solution that layers in selfies within a dynamic security methodology that fits your needs and specific transaction types.

The security methodology surrounding a high value automobile, artwork, or jewelry transaction will of course be distinct from an online order and pickup of a household lamp or coffee table. The documentation requirements to transfer $1,000 to a family member are understandably ramped up to scale when applying for a mortgage or withdrawing from a 401(k).

Just as you and your business work hard to adapt to your customer's varying needs and expectations, our solution flexes with your requirements -- incorporating best in class hardware (image scanners, data readers, UV detectors) with the deepest government ID document repository available -- all which can be configured with mobile usage and access options that work the way you do.

Contact us to learn more about how we've helped businesses like yours fight fraud and best serve their customers in today's evolving environment.

Topics: verification of ID, authenticating drivers licenses, fraud prevention protection, identity verification, mobile

$136,000 in Counterfeit Dollars Seized by CBP

Posted by Sean Trundy on Wed, Feb 03, 2021 @ 03:08 PM

Two Packages, $136K of Counterfeit Currency CBP Officers in Chicago Seize Shipments Containing Funny Money

https://www.cbp.gov/newsroom/local-media-release/two-packages-136k-counterfeit-currency-cbp-officers-chicago-seize

Topics: counterfeit fraud, fraud prevention protection, counterfeit detector

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

On the Horizon for Fraud Protection:  Mobile Security

Posted by Sean Trundy on Tue, Sep 08, 2015 @ 11:34 AM

Most people have some exposure to fraud deterrents in their daily lives.  For the honest person, these deterrents are in place for protection and peace of mind.  For the criminal, they are barriers he or she hopes to breach. 

Topics: fraud protection tips, fraud prevention protection, counterfeit fraud prevention, fraud prevention, mobile fraud protection, mobile fraud

Identity Theft Tied to Fake IDs for College Students

Posted by Sean Trundy on Tue, Sep 01, 2015 @ 12:03 PM

Young people who are under the drinking age have long looked to fake IDs to get around the law. While law enforcement has been fighting this risky behavior for decades, a new risk comes along with buying false identification- in the form of identity theft.

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

IRS Removes W-2 Auto-Extensions to Fight Fraud

Posted by Sean Trundy on Fri, Aug 28, 2015 @ 09:35 AM

To combat the recent tidalwave of identity theft cases across the United States, the Internal Revenue Service is fighting back. Beyond implementing various new security measures and working with other government agencies to fight fraudulent filing, the IRS is now removing automatic extensions of W-2 forms. The current extension will remain in effect for another year, with the change going into effect in 2017.

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

With Mobile Transactions Comes Mobile Fraud

Posted by Sean Trundy on Thu, Aug 27, 2015 @ 02:39 PM

With the increase of mobile commerce brings a parallel increase in fraudulent mobile transactions, according to a recent report from Kount. For months, mobile commerce transactions have been increasing at dramatic rates, in some cases even surpassing desktop e-commerce and brick-and-mortar purchases. Although in-store and online transactions may be better protected against fraud threats, many merchants are still catching up with fraud protection measures on the mobile front. 

Topics: fraud protection tips, fraud news, fraud prevention protection, fraud prevention, mobile fraud protection, mobile fraud