Highlights from IDology’s 4th Annual Fraud Report: Shifting Fraud Tactics are Top Concern; Mobile Fraud Tactics Increase; Account Takeover and First Party Fraud Rise; Web Applications Beat Out Call Centers for Most Attacks.
IDology, a leader in multi-layered identity verification and fraud prevention solutions for the customer-not-present environment, today announced the launch of their 2016 Fraud Report which polled senior executives from IDology’s customer base in order to collect and analyze trends relating to suspected fraud in their respective industries.
“In our fourth year of compiling this research we were able to gain deeper insights into identity fraud tactics from organizations across multiple industries”,said Chris Luttrell, SVP, Product, Client Solutions, Marketing of IDology. “By publishing this research, we feel that companies will be better suited to identify and respond to fraud threats that they might not be currently focusing on.”
Additional highlights from the report include:
- A decrease in Call Center Fraud
- Organizations are better prepared to prevent fraud
- Small dollar fraud continues to be most popular
- Mobile fraud tactics shift to new areas
- Organizations are investing more in the mobile channel
“We continue to track fraud in the mobile space, as more organizations are moving an increasing portion of their transactions to mobile devices, having this data is invaluable in understanding current fraud trends” said Luttrell. “The results from this year’s survey affirm that too, we noted a broader spectrum of fraud tactics that were used on mobile devices including in uptick in the use of recycled phone numbers, SMS intercepts and SIM card fraud all had significant increases over last year.”
The IDology Fraud Report presents the collective input of some of the most talented and diligent anti-fraud practitioners and provides strategic insights to assist other organizations in their fraud prevention and identity verification platforms. Respondents come from a variety of industries including banking and other financial services, healthcare, retail, telecommunications, energy and utilities, as well as consumer and business services. Size of companies ranged from large enterprise organizations to small businesses, as well as non-profit and educational institutions.
To download the full report, visit https://ww2.idology.com/idology_2016_fraud_report
IDology, Inc. provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business in a consumer-not-present environment to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention that ultimately helps increase customer acquisition and improve customer experience. IDology has developed an innovative and on-demand technology platform that allows customers to control the entire proofing process and provides the flexibility to make configuration changes that are deployed automatically – without having to rely on internal IT resources or IDology’s customer service – so customers can stay ahead of the fraud landscape while maintaining compliance. For more information, visit www.IDology.com or call 866-520-1234.