Nearly Half of Americans May Be Targeted in Online Fraud
More Americans than ever think they have been targeted in a data breach or online crime. According to a recent Wall Street Journal survey, 15% of respondents said either they or a member of their household had been hit by online fraud or hacking. When Gallup asked the same question more than four years ago, 11% answered yes.
As data breaches increase and more personal information is available “in the wild,” fraud increases also. Fraudsters use this information to both to try and open new, fraudulent accounts and to take over existing accounts. A risk-based authentication process can unobtrusively verify the identity of the applicant or match an account holder to guard against fraud without interjecting additional steps. This kind of layered security includes analyzing and detecting behavior patterns of a user across multiple institutions and industries as well identifying suspicious activity that is associated with the device the consumer is using. Using these methods, stepped-up authentication can be applied only where there is a high potential for fraud – saving frustration for the end customer and expense for the business.
Equifax has used fraud detection solutions to isolate the most important attributes of an identity that are connected to fraud. In both Demand Deposit Accounts (DDA) and Credit Card lines of business, customers have found a significant lift in fraud detection from using identity velocity and behavioral pattern attributes.
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