Retail Banking Insights

Curtailing Revenue Loss from Identity Fraud

Fraudulent account activity and identity fraud are both significant drains to today’s business resources. In the era of online and mobile commerce, it’s more important than ever for companies to make sure business transactions are being done with a real person and with the right person. Yet, many intrusive verification processes end up creating customer abandonment or delaying [Read More…]

Deciphering Multi-Layered Identity Proofing Strategies

Fraudsters are a smart group. With each fraud prevention method that’s introduced, they figure out ways to work around it. Organizations must be careful when using technologies that fraudsters may have compromised, but that doesn’t mean throwing everything out and starting from scratch. Equifax fraud expert, Gasan Awad, recently blogged about this for the RSA [Read More…]

Synthetic ID Fraud Is Not a Fictional Threat

The growth of synthetic identity fraud shows few signs of slowing. Data breaches, social media mining, phishing and other schemes have given fraudsters easy access to the consumer data used to build synthetic, or false, IDs. But there are good solutions out there to help organizations to fight back against synthetic ID fraud. These solutions detect and monitor behavioral patterns early [Read More…]

Did You Know: The Great Wealth Divide

Everyone’s heard of the 80/20 rule – 80% of the money is held by 20% of the people. Well, we wanted to put that adage to the test and see just how big the divide is between the Mass Market (less than $100,000 in investable assets per household) and Ultra High Net Worth (more than [Read More…]

Smart data strategies can help boost success of home equity marketing campaigns

The right mix of information can help increase loan conversions and customer satisfaction. Trends from two directions are driving interest in home equity loans. First, residential real estate prices have recovered enough for homeowners to once again consider tapping home equity to unlock the value of their homes without a sale. Second, financial institutions now [Read More…]

When is “Knowledge-Based” not Assured Authentication?

Knowledge based authentication (KBA) has been declared dead many times over the past few years.  But what is KBA and what exactly is the problem?  KBA is a term that has been used too generically across the identity universe and different providers get away with using the term to refer to vastly different levels of [Read More…]

Pattern Detection and Data Anaytics Play a Vital Role in Fraud Management

Most organizations are no stranger to the concept of data analytics and behavioral patterns to detect fraud. After all, those sorts have analytics have been applied to internal data and transaction monitoring systems for years. However, the ability to spot fraud patterns is often limited only to what can be detected within the organizations’ walls. Fraud experts agree [Read More…]

Did You Know: Wealthy Baby Boomers – Where Do They Live?

Despite the recent focus on Millennials, Baby Boomer households (born between 1946 and 1964) represent both the largest portion of the nation’s household population (37.5%) and investable assets (45.5%). In total, they hold $14.5 trillion (yes, trillion!) in investable assets. This month, we decided to take a look at estimated average investable assets for Baby [Read More…]

Tips to Detect and Deter Fraud during Customer Acquisition

ATLANTA, March 29, 2016 /PRNewswire/ — Equifax Inc. (NYSE: EFX) has issued several resources to help organizations combat the elusive and increasingly expensive problem of fraud during customer acquisition. The resources describe current fraud scenarios, the background and methods most commonly used to commit this type of fraud, and outline best practices to detect and deter [Read More…]