3rd July 2020
By Nadeem Ladha, Business Development Director at TMT Analysis.
According to this months American Banker identity fraud has risen sharply in the past year.
Citing a Javelin Strategy and Research report it showed losses stemming from identity fraud rose 15% in 2019 to $16.9 billion, and while there was no data in this report for 2020 there have been reports of substantial increases in financial fraud since the onset of the Covid 19 crisis.
This trend is also reported by the financial services technology company, FIS, which has recently reported that credit and debit card fraud rose 35% in April this year compared to the same time last year.
One US lender, Axcess Financial, is using technology to combat the problem; they brought in a veteran from Synchrony Financial, Richard Cooney, to lead fraud strategy; he began beefing up authentication for every new account opening and online transaction. According to Cooney, “We started with that idea, to make authentication as tight, strong and optimised as we can make it so that the person who is trying to manipulate an identity, create a synthetic identity or steal an identity is going to have a hard time getting through that process. And the good customer is going to come through very easily.”
At TMT Analysis we have been developing a range of Account Takeover Protection products, based on mobile number intelligence, which allows banks and financial services companies to offer a seamless customer experience whilst also protecting their customers from fraud.
Using our single API plus live feeds from our Mobile Network Operator partners around the world, Verify from TMT Analysis now offers an ATP service in over 50 countries. For more information email us at firstname.lastname@example.org