Consumers Concerned about Information Privacy and the Importance of Developing a Mindset Around Security

Over the last 15 years we have seen how our lives have gradually shifted to a more technology-driven, social era were personal information is both housed and shared online including financial, personal and even health-related information. As we continue to advance and engage more and more in this online environment, it is increasingly important for the industry as a whole to ensure that both consumers and businesses are secure and that crucial personally identifiable information (PII) and data is protected.

Many of today’s crooks treat identity theft and fraud as a full-time business. They are endlessly looking for new ways to scam organizations and misuse customer information. In a recent article by Jeff Green at PYMNTS.com, he states that “about one in five online consumers has had valuable personal information stolen, and about the same percentage have had an email of social-networking compromised.” Recent data breaches at Target, Neiman Marcus and others – along with the recent Heartbleed bug that impacted two-thirds of online sites have really brought this issue to light and has increasingly been a concern for consumers.

In the PYMNTS.com article, Jeff quotes Dan Charron who is president of Chase Paymentech. He notes that “one of the biggest challenges facing the payments industry is to obtain a mindset around security, looking at security solutions versus security programs, or solving a static problem versus having a dynamic environment.” A fraudster’s main goal is to cheat the system – “So I would say the biggest thing (necessary) is a mindset there around a very robust, dynamic program that covers the entire landscape.”

At IDology, we agree. That is why we go beyond identity verification and provide a complete fraud prevention solution including a robust fraud analytics to help prevent fraudulent transactions. What is most important in this increasingly customer-not-present environment is for organizations to develop a holistic, multi-layered, solution-based approach to security and fraud.

The IDology identity verification and fraud prevention platform serves as a collaborative hub for monitoring and stopping fraudulent activity – not only for a particular organization, but also across the entire network. As a leading voice in the fight against fraud, we are constantly innovating in order to stay ahead of the fraudsters while also providing a positive experience that gives customers a higher level of confidence and security.

As more and more customers become concerned about or impacted by identity theft and fraud, it is important to educate them as to what you are doing to protect them – through holistic security solutions.

To find out more about IDology’s solutions, find us on the web at www.idology.com.

 

WEBINAR

BALANCING FRICTION AND FRAUD: Insights from the 2nd Annual Consumer Digital Identity Study

Featuring Christina Luttrell and Eric Leiserson as presenters

May 23 at 2:00pm EDT

NEW RESEARCH

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SECOND ANNUAL CONSUMER DIGITAL IDENTITY STUDY