Shifting Fraud Tactics Continue to Remain a Challenge

As organizations become more sophisticated as well as collaborative in their fraud prevention programs, fraudsters also advance their efforts. According to IDology’s 2015 Fraud Report, one of the main ways in which criminals accomplish this is through continuously shifting their tactics and attempting to exploit new paths with new methods.

Although our Annual Fraud Report shows the number decreasing in 2015, the majority of respondents (61%) still believe that shifting fraud tactics is the top challenge that organizations face in their fraud prevention programs. Robust identity verification systems that can quickly adapt as fraud evolves is key to preventing fraud as tactics continue to change.

While fraud tactics continually shift, they all share the same goal – to obtain your personal, confidential, financial and medical information for fraudulent use. A few of these methods our Fraud Report saw a rise in prevalence this year include:

  • Account Takeover
  • Phishing
  • Information theft
  • Loss or attack
  • Money laundering
  • Internal financial theft

Although fraud tactics are shifting, as noted in our 2015 Fraud Report, the good news is that, with a robust and multi-layered identity verification and fraud prevention platform, organizations can help keep the fraudsters out. By employing a solution that is collaborative in nature and also has the ability to make configuration changes as needed when fraud shifts, organizations stay at the forefront of fighting and stopping fraud before it affects an organization’s bottom line. Not only are organizations keeping fraud out, having a layered IDV and fraud prevention platform allows customers to open or access accounts quicker with little to no friction, ensuring a better overall customer experience.

Learn more about why shifting fraud tactics continue to be a challenge for organizations, and what your organization can do to prevent fraud, by requesting your copy of IDology’s 2015 Fraud Report. Contact a representative today at (866) 520-1234 or visit www.IDology.com.

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5 LESSONS ABOUT CONSUMER IDENTITY IN THE MOBILE ERA

By Michael Moseser for PaymentsSource

June 12, 2019

NEW RESEARCH

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SECOND ANNUAL CONSUMER DIGITAL IDENTITY STUDY