ATLANTA, October 18, 2018 – IDology, a pioneer and trusted leader in identity verification, authentication and fraud prevention, today released its Sixth Annual Fraud Report, confirming the growing importance of balancing customer friction and fraud prevention, cited by businesses this year as the number one challenge in fighting fraud. The report reveals a surge in mobile and phishing fraud schemes, a focus on artificial intelligence and machine learning as the growing trends in identity verification, and the strategic role identity verification plays in the quest to gain a competitive edge, retain and attract customers and increase revenue.
“The prevailing mindset that in order to keep fraud out, the customer verification process has to be made more difficult is quickly becoming outdated,” said John Dancu, CEO of IDology. “In our modern connected world, it’s no surprise that fraud is on the rise and becoming more sophisticated. Winning businesses will be the ones that take a strategic approach to identity verification with the realization that they can offer frictionless customer convenience and effective fraud deterrence to ultimately cultivate customer trust.”
Phishing and Mobile Fraud Surge
Credit card fraud and account takeovers remain the most widespread forms of fraud, but phishing schemes and mobile fraud have surged.
“We are at a crossroads where the movement to mobile meets high consumer expectations and sophisticated fraud schemes,” said Julie Conroy, research director for Aite Group’s Retail Banking & Payments practice. “Identity verification is now something that businesses must consider as a key strategic factor for market differentiation and growth. A seamless, comprehensive and multi-layered approach with an anti-fraud consortium network of companies across industries is now table stakes.”
Businesses Gain Clarity: A Firsthand Perspective
This year’s Fraud Report provides an inside look at what U.S. businesses have learned about fraud detection and prevention, and how they view the changing landscape. A few highlights:
For additional insights into fraud trends across a variety of industries and firsthand perspectives shared by executives on the front lines of fraud prevention, download the full Sixth Annual Fraud Report. Now in its sixth year, the report captures the impact of fraud on leading companies across multiple industries including financial services, healthcare, insurance and ecommerce. Respondent titles and areas of responsibility include senior leadership, vice presidents, directors, managers and analysts in risk, fraud, compliance, product and operations departments.
IDology 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 the 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 businesses can stay ahead of the fraud landscape while maintaining compliance. For more information, visit www.IDology.com or call 866-520-1234.