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Stay Ahead of the Fraudsters with gIDENTIFY Persistent Monitoring
The digital revolution has enhanced how we shop, pay our phone bill or purchase a home. But it comes with a downside: people’s personally identifiable information (PII) is increasingly being compromised in data breaches then used by criminals to take over accounts or to make new, fake ones.
The Fraud That 85 Percent Of Fraud Detection Systems Miss
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. Unfortunately, the more the good guys refine the defensive tools necessary to lock out fraudsters, the more the vast cybercrime ecosystem evolves the offensive tools they use to force their way in.
GIACT Publishes Report on Hidden Costs of Synthetic Identity Fraud
GIACT Systems today announced the release of a new white paper, The Hidden Costs of Synthetic Identity Fraud, highlighting the emerging threats that synthetic identify fraud (SIF) poses to businesses and consumers.
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.
White Paper: The Hidden Costs of Synthetic Identity Fraud
Synthetic identity fraud (SIF) schemes create identities out of real and fake personally identifiable information (PII). These schemes can be difficult to detect as they combine completely valid information with fictitious, yet established, e-mail and social media accounts, for example. For businesses that rely on static PII as a fraud stopgap, SIF accounts can be extremely difficult to spot and interdict. GIACT’s latest white paper highlights the emerging threats that synthetic identify fraud poses to businesses and consumers.
Article, Banking, Government Agencies,
How GIACT Approaches Risk Management & OFAC Compliance
When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with.
GIACT On Payments’ $29M Wire Fraud Wake-Up Call
GIACT was interviewed by PYMNTS to discuss a fraudulent wire transfer scheme that resulted in a $29M loss as well as how businesses can better protect against business email scams.