Fighting Fraud With Digital Verification Tools

Businesses operating in regulated industries, especially in the financial services sector, are facing greater fraud risks than ever before. According to Javelin Strategy & Research, new account fraud increased 40% in 2016 to reach a record high. Fraud detection firm ThreatMetrix reported stopping more than 80 million fraud attempts using fake or stolen identity credentials targeting financial institutions in 2016. Unfortunately, fraud rates are only expected to increase further. Widespread data breaches like those at Equifax, Yahoo and Anthem have flooded the black market with millions of consumers’ personally identifiable information (PII), such as birthdates, addresses, Social Security numbers and other sensitive data that criminals use to fraudulently open new accounts.