How well would your fraud management program perform if your organization depended on it for doing business with customers from countries like Ukraine and Nigeria? Now what if we said your business was facilitating money remittances to these countries? WireCash is doing just that, and we sought to uncover how this could be possible by
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While 19 percent of US adults who were notified of a data breach fell victim to identity fraud last year, more than twice as many children implicated in data breaches experienced identity theft. This resulted in $2.6 billion in total losses associated with child identity fraud, of which $540 million was borne by the victims’
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In early April, the Fast Identity Online (FIDO) Alliance announced that they have now certified over 150 two-factor authentication and biometric products for replacing static passwords, an increase of 50 percent just in the last quarter. These products meet the group’s specifications under their published Universal Authentication Framework, with several major mobile handset manufacturers and
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The FIDO (Fast Identity Online) Alliance released their first documents for stronger authentication at the end of 2014 with version 1.0 of their Universal Authentication Framework (UAF) and Universal 2nd Factor (U2F) specifications. The group of more than 150 member organizations hopes to usher in the post-password era through biometrics, hardware and other forms of
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The Fraud Practice discusses common issues merchants face with stale or unavailable identity data when attempting to authenticate and verify a user online and how identity document verification can be applied as a “lowest common denominator” technique in the latest feature article. Too often organizations associate identity document verification with the banking and financial services
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It is common to find risk management teams relying on legacy identity document verification practices, which limits their ability to take advantage of the opportunity to leverage new technology and techniques to verify modern identity documents. Making use of new identity document features and services can help protect the organization and improve customer retention and
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Visa follows Discover and MasterCard’s lead becoming the third card association to join the Fast Identity Online (FIDO) Alliance’s board of directors. The FIDO Alliance is focused on developing standards and technical specifications to make online authentication more secure. The FIDO Alliance was formed in mid-2012 to address two primary issues with online authentication: the
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Less than $10 can purchase a scan of a false passport, driver’s license, or credit card with online delivery within seconds. Cyber criminals take false identities to a new level through do-it-yourself websites selling scans of fake passports, ID cards, utility bills, and credit cards that fraudsters purchase and use to commit identity fraud. Read
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A study performed on UK customers by Experian found that consumers on average will abandon transactions when identity checks take 7 minutes or longer to complete, although there is variation across verticals. This underscores the importance of organizations being able to present and perform these checks within an acceptable time frame or standard for their
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Comparison of the Identity Authentication and Reverse Lookup Techniques Merchants selling goods online and in the CNP channel at one point or another will need to apply techniques to authenticate consumer provided data to determine if it matches or goes together. Merchants typically rely on two common techniques: Identity Authentication and Reverse Lookups, or in
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