Keep informed, stay ahead
Fighting Fraud By Finding The Gaps
“Companies have siloed enrollments away from payment and identification — they treat them as separate entities. But fraud operators are comprehensive in their attacks, which means the companies holding them off need to be as well." - David Barnhardt, EVP of Product, GIACT
[Video] How to ‘Out-Digital’ Your Attackers without Compromising Customer Service
How do you stop fraudsters without slowing down your customer service? This 2 minute video explains how you can stop digital attacks in their tracks without adding friction to customer touch points.
GIACT Publishes Report Detailing the Increase in Insurance Claims Fraud and Latest Fraud Prevention Tactics
Fraud accounts for 5-10% of all claims-related costs in the U.S., with approximately one-third of insurers reporting percentages as high as 20%. Domestic P&Cs alone are suffering about $30 billion in fraud losses annually. While these losses have an immediate impact on insurers' profitability, policyholders ultimately pay the price in the form of higher premiums and deteriorating policyholder experience.
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 PlatformTM. 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.
American Bar Association Section of Antitrust Law Names Kay Lynn Brumbaugh Co-Chair of the Consumer Protection Committee for 2018-2019 year
GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the American Bar Association Section of Antitrust Law’s appointment of Kay Lynn Brumbaugh, GIACT Chief Legal Officer and Secretary, as the Co-Chair of the Consumer Protection Committee.
[White Paper] Beating Fraud, Beating Friction
Fraud now accounts for 5-10% of all claims-related costs in the U.S., with about one-third of insurers reporting percentages as high as 20%. To simultaneously overcome both these challenges, insurers need to drive fraud out of the claims and payments process without adding policyholder friction. Learn more
Faster Payments: Effective Fraud Mitigation Strategies
Based on its research, Aite Group predicts that synthetic identity fraud will continue to grow from at least $820 million in payment card losses in 2017 to over $1.25 billion in 2020. Faster payment platforms will be prime targets as they continue to gain traction.