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[New Report] U.S. Identity Theft: The Stark Reality
Developed by Aite Group and underwritten by GIACT, the "U.S. Identity Theft: The Stark Reality" report uncovers the striking pervasiveness of identity fraud perpetrated against U.S. consumers, tracking pandemic-related shifts in banking behaviors. In the past two years, almost half (47%) of U.S. consumers surveyed experienced identity theft; well over one-third (37%) experienced application fraud (i.e., the unauthorized use of one’s identity to apply for an account), and over one-third (38%) of consumers experienced account takeover (i.e., unauthorized access to a consumer’s existing account).
Nacha’s 2021 Account Validation Rule: A Push for Stronger Anti-Fraud Solutions
A rapid growth in the volume of ACH payments, especially during COVID, is creating unprecedented opportunities for fraud. NACHA's new WEB Debits Account Validation Rule, which goes into effect on March 19, 2021, is intended to reduce fraud, requiring payment originators to validate customer accounts prior to the first debit.
Tax & Identity: 1099s, W-2s, and the Cost of Employee Customer, ID Tracking
GIACT’s new report, Tax & Identity: 1099s, W-2s, and the Cost of Employee, Customer Identity Tracking, detailing the challenges facing businesses to accurately update the personally identifiable information (PII) of their employees and customers. The report also explores how outdated or inaccurate employee or customer profiles can lead to costly incidents of returned mail as well as compliance issues and red flags.
In case you missed it
In Battling Identity Fraud, Finding The (Synthetic ID) Devil Behind The Details
With the advent of chip cards in the United States, fraudsters have been looking for new avenues through which to continue their criminal enterprises. The data is out there now, more than ever before – and, as he said, all stakeholders need to be proactive in the battle.
GIACT and Advanced Fraud Solutions Announce Strategic Partnership
GIACT® Systems and Advanced Fraud Solutions (AFS) today announced a strategic partnership to enhance AFS’s TrueChecks® solution with GIACT’s EPIC Platform® The joint solution gives retailers and other billers the ability to verify account status and investigate any history of account fraud, prior to accepting payment in order to reduce returned items.
Infographic: The Growing Costs of Identity Fraud
The volume of fraud attempts and the cost-per-incident of losses have increased in recent years. According to Javelin Strategy & Research's, 15.4 million consumers in the U.S. were victims of identity theft in 2016 at an estimated cost of $16 billion.
Javelin & GIACT: Identity Fraud in the Digital Age
GIACT's new report, Identity Fraud in the Digital Age, developed by Javelin Strategy & Research, sponsored by GIACT, details the challenges of preventing new and emerging fraud threats and what businesses should consider in their fraud prevention strategies for the year ahead.
Securing Faster Payments: Addressing the Account Validation Rule
In the first half of 2020, ACH network volume reached nearly 13 billion payments – an increase of nearly one billion payments in the same period year over year. More than ever, rapid growth of ACH payments is creating unprecedented opportunities for fraud. Still, many merchants are unprepared for the upcoming Nacha rule. This report explores the strengths & weaknesses of the most commonly used Account Validation solutions available and makes recommendations for payment originators to bolster validation practices and prepare for the Nacha rule change.
The Changing Landscape of Identity Fraud: Fraudsters Strike Back
GIACT sees increasing risks for financial institutions, businesses, and consumers as shifting fraud tactics and demand for real-time delivery create new challenges for the payments ecosystem.