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GIACT® Co-Sponsors Release of the Javelin 2019 Identity Fraud Study; New Account Fraud shows increase of 13%
The growth in New Account Fraud sits in contrast to the decline of overall fraud which dropped 15% from 2017 to 2018. The type of fraudulent new accounts that displayed notable growth were focused on loan origination and included general purpose and store-branded credit cards, online accounts (such as eBay and Amazon), mobile phone accounts, car loans, mortgages, home equity lines of credit (HELOC) and student loans.
Breaking Down Organizational Silos To Break Fraud
Enhancing the customer experience, and keeping the customer and business secure through the entire relationship, is an increasingly complex and vital job, thanks to regulatory and competitive pressures. And that is why it’s important to break down organizational silos to achieve those goals, and to have a know your customer (KYC) process that is holistic and seamless.
Digital On-Boarding: Safer, Smarter, and more Streamlined
In a financial services market where great customer experiences are central to competitive advantage, streamlined on-boarding is a must—whether it’s in-person, over the phone, or online. Lear about the latest best practices in digital on-boarding.
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.
GIACT Releases Report on How to Streamline and Protect Digital On-Boarding
Today, GIACT announced the release of a new report exploring how the pursuit of faster, simpler on-boarding impacts security and compliance, and vice versa.
Protecting Yourself: 4 Signs You’re at Risk For Identity Theft
Identity theft is one of the most frustrating experiences you may ever have the misfortune to experience. The risks are high: your credit score (that you've spent years building) could crumble, your life savings could be wiped out, or you could find yourself looking at thousands of dollars in unpaid debt and bills.
P2P’s speed puts personal info at greater risk
Peer-to-peer payments have increasingly become the norm. The National Automated Clearing House Association found that 29.4 million P2P transactions were executed in last year's second quarter alone, a 24% increase from 2017. It shouldn’t come as a surprise: Mobile payments are a fast, easy and convenient way to transfer money.