As fraudsters leverage sophisticated tactics, including artificial intelligence (AI)-powered identity manipulation, the FinTech sector finds itself in the crosshairs of an escalating battle against financial crime. This threat landscape is the central focus of the latest edition of the Identity Verification Series, a collaborative report by PYMNTS Intelligence and Intellicheck.
\nThe report, titled \u201cHow FinTechs Are Fighting Identity Theft and Identity Fraud,\u201d explores the growing fraud challenges confronting FinTech companies, examines the financial and compliance burdens they face, and highlights the emerging technologies and strategies being deployed to combat these threats. This study underscores the urgent need for FinTechs to bolster their fraud prevention and identity verification measures to protect both their operations and their customers.
\nThe report paints a concerning picture of the current fraud environment for FinTechs. It highlights that about one-third of FinTechs have recently experienced fraud, a trend that mirrors an upward trajectory across the broader financial industry. In the United States alone, financial institutions witnessed a significant 65% increase in fraud losses, averaging $3.8 million last year. A particularly troubling aspect is the rising sophistication of fraudulent activities, making it difficult to distinguish them from legitimate transactions.
\nNotably, identity-related suspicious activity accounts for 42% of all suspicious banking activity, totaling $212 billion in 2021, with verification circumvention identified as the most reported type of fraud. This surge in identity-based fraud, fueled by dark web data and readily available AI tools, poses a significant risk to digital-first entities like FinTechs and their users.
\nKey findings from the report include:
\nIn response to these threats, FinTechs are actively exploring and implementing new fraud prevention tools. A significant 52% of financial institutions plan to implement or increase their use of AI or machine learning for fraud prevention.
\nFurthermore, FinTechs are showing interest in investing in anti-scam education tools (81%), document verification software (65%), and identity risk solutions (55%). The report also provides examples of recent FinTech innovations aimed at countering fraud, such as Fortress Payments using selfie biometrics for enhanced security, and Tiller Technologies offering digital identity verification for international banking customers. Additionally, Fintech360 and FUGU have recently launched tools leveraging transaction monitoring, pattern analysis, and AI to combat various forms of fraud, including stolen identities and account takeovers.
\nUltimately, the report emphasizes that proactive investment in robust identity verification systems and fraud prevention technologies is crucial for FinTechs to safeguard their operations, protect consumers, and meet the expectations of regulators.
\nThis collaborative effort between PYMNTS Intelligence and Intellicheck provides valuable insights for professionals navigating the complex and evolving landscape of fintech security.
\nThe post 42% of Suspicious Banking Activity Linked to Identity Fraud appeared first on PYMNTS.com.
\n", "content_text": "As fraudsters leverage sophisticated tactics, including artificial intelligence (AI)-powered identity manipulation, the FinTech sector finds itself in the crosshairs of an escalating battle against financial crime. This threat landscape is the central focus of the latest edition of the Identity Verification Series, a collaborative report by PYMNTS Intelligence and Intellicheck. \nThe report, titled \u201cHow FinTechs Are Fighting Identity Theft and Identity Fraud,\u201d explores the growing fraud challenges confronting FinTech companies, examines the financial and compliance burdens they face, and highlights the emerging technologies and strategies being deployed to combat these threats. This study underscores the urgent need for FinTechs to bolster their fraud prevention and identity verification measures to protect both their operations and their customers.\nThe report paints a concerning picture of the current fraud environment for FinTechs. It highlights that about one-third of FinTechs have recently experienced fraud, a trend that mirrors an upward trajectory across the broader financial industry. In the United States alone, financial institutions witnessed a significant 65% increase in fraud losses, averaging $3.8 million last year. A particularly troubling aspect is the rising sophistication of fraudulent activities, making it difficult to distinguish them from legitimate transactions. \nNotably, identity-related suspicious activity accounts for 42% of all suspicious banking activity, totaling $212 billion in 2021, with verification circumvention identified as the most reported type of fraud. This surge in identity-based fraud, fueled by dark web data and readily available AI tools, poses a significant risk to digital-first entities like FinTechs and their users.\nKey findings from the report include:\n\nIdentity-related issues comprise 42% of all suspicious activity encountered by financial institutions.\u00a0This underscores the central role of identity in fraud attempts and the critical need for robust identity verification processes.\nOnline and mobile banking channels account for 75% of the fraud attempts reported by FinTechs. This highlights the digital battleground where most fraud occurs, emphasizing the importance of securing these platforms.\nNinety-three percent of FinTechs find it challenging to remain in compliance with regulations. This reveals a hurdle for the industry as it grapples with both escalating fraud and increasing regulatory scrutiny.\n\nIn response to these threats, FinTechs are actively exploring and implementing new fraud prevention tools. A significant 52% of financial institutions plan to implement or increase their use of AI or machine learning for fraud prevention. \nFurthermore, FinTechs are showing interest in investing in anti-scam education tools (81%), document verification software (65%), and identity risk solutions (55%). The report also provides examples of recent FinTech innovations aimed at countering fraud, such as Fortress Payments using selfie biometrics for enhanced security, and Tiller Technologies offering digital identity verification for international banking customers. Additionally, Fintech360 and FUGU have recently launched tools leveraging transaction monitoring, pattern analysis, and AI to combat various forms of fraud, including stolen identities and account takeovers. \nUltimately, the report emphasizes that proactive investment in robust identity verification systems and fraud prevention technologies is crucial for FinTechs to safeguard their operations, protect consumers, and meet the expectations of regulators.\nThis collaborative effort between PYMNTS Intelligence and Intellicheck provides valuable insights for professionals navigating the complex and evolving landscape of fintech security.\nThe post 42% of Suspicious Banking Activity Linked to Identity Fraud appeared first on PYMNTS.com.", "date_published": "2025-04-18T04:00:02-04:00", "date_modified": "2025-04-17T20:14:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/fraud-identity-theft-SB7.jpg", "tags": [ "AI", "artificial intelligence", "banking", "Cybersecurity", "data point", "Featured News", "FinTechs", "identity fraud", "Identity theft", "Intellicheck", "News", "PYMNTS Intelligence", "PYMNTS News", "security and fraud", "The Data Point" ] }, { "id": "https://www.pymnts.com/?p=1519072", "url": "https://www.pymnts.com/identity-theft/2023/plaid-launches-industrywide-collaborative-network-to-combat-identity-fraud/", "title": "Plaid Launches Anti-Fraud Network", "content_html": "Plaid\u00a0has launched a collaborative network designed to stop \u201cthe chain reaction of identity fraud.\u201d
\nThe new\u00a0Plaid Beacon\u00a0network is open to FinTechs, financial institutions of all sizes and Plaid-powered customers and allows them to share information about stolen identities and compromised accounts, Plaid Head of Identity\u00a0Alain Meier\u00a0said in a Thursday (June 22) blog post.
\n\u201cThrough a set of APIs [application programming interfaces], Beacon enables real-time, secure information sharing across the ecosystem to mitigate repeat fraud against businesses, protect consumers and create a safer digital finance ecosystem,\u201d Meier said in the post.
\nBy enabling the reporting of instances of fraud and facilitating identity screening, Plaid Beacon aims to counter three common forms of attack: stolen identity, synthetic and account takeover fraud, according to the post.
\nThis solution aims to prevent the \u201cchain reaction\u201d that occurs when fraudsters use compromised identity information in multiple fraud attempts across apps and services, the post said.
\nPlaid Beacon is meant to provide greater visibility across digital finance services and deliver an industrywide anti-fraud solution that works for organizations of all sizes, per the post.
\n\u201cThere\u2019s power in numbers, and together we can help stop the chain reaction of identity fraud,\u201d Meier said in the post.
\nPYMNTS research has found that smaller financial institutions (FIs) tend to bear the brunt of fraud and other\u00a0financial crime\u00a0attacks.
\nWhile 62% of all FIs reported experiencing an increase in financial crime, an even greater share of smaller FIs \u2014 those with between $5 billion and $25 billion in assets \u2014 experienced such an increase, according to \u201cThe State of Fraud and Financial Crime in the U.S.,\u201d a PYMNTS and\u00a0Featurespace\u00a0collaboration.
\nSimilarly, the Federal Trade Commission (FTC) said in March that consumers reported an increase in losses to\u00a0fraud schemes, with the total reported in 2022 being 30% higher than that in 2021.
\nThe launch of Plaid Beacon comes about two weeks after Plaid launched a solution that allows consumers to\u00a0verify their identity\u00a0across all Plaid-powered apps and services.
\nThe company\u2019s\u00a0Identity Verification\u00a0product now lets previously verified users sign up for additional digital finance apps without repeating the entire identity verification process.
\nThe post Plaid Launches Anti-Fraud Network appeared first on PYMNTS.com.
\n", "content_text": "Plaid\u00a0has launched a collaborative network designed to stop \u201cthe chain reaction of identity fraud.\u201d\nThe new\u00a0Plaid Beacon\u00a0network is open to FinTechs, financial institutions of all sizes and Plaid-powered customers and allows them to share information about stolen identities and compromised accounts, Plaid Head of Identity\u00a0Alain Meier\u00a0said in a Thursday (June 22) blog post.\n\u201cThrough a set of APIs [application programming interfaces], Beacon enables real-time, secure information sharing across the ecosystem to mitigate repeat fraud against businesses, protect consumers and create a safer digital finance ecosystem,\u201d Meier said in the post.\nBy enabling the reporting of instances of fraud and facilitating identity screening, Plaid Beacon aims to counter three common forms of attack: stolen identity, synthetic and account takeover fraud, according to the post.\nThis solution aims to prevent the \u201cchain reaction\u201d that occurs when fraudsters use compromised identity information in multiple fraud attempts across apps and services, the post said.\nPlaid Beacon is meant to provide greater visibility across digital finance services and deliver an industrywide anti-fraud solution that works for organizations of all sizes, per the post.\n\u201cThere\u2019s power in numbers, and together we can help stop the chain reaction of identity fraud,\u201d Meier said in the post.\nPYMNTS research has found that smaller financial institutions (FIs) tend to bear the brunt of fraud and other\u00a0financial crime\u00a0attacks.\nWhile 62% of all FIs reported experiencing an increase in financial crime, an even greater share of smaller FIs \u2014 those with between $5 billion and $25 billion in assets \u2014 experienced such an increase, according to \u201cThe State of Fraud and Financial Crime in the U.S.,\u201d a PYMNTS and\u00a0Featurespace\u00a0collaboration.\nSimilarly, the Federal Trade Commission (FTC) said in March that consumers reported an increase in losses to\u00a0fraud schemes, with the total reported in 2022 being 30% higher than that in 2021.\nThe launch of Plaid Beacon comes about two weeks after Plaid launched a solution that allows consumers to\u00a0verify their identity\u00a0across all Plaid-powered apps and services.\nThe company\u2019s\u00a0Identity Verification\u00a0product now lets previously verified users sign up for additional digital finance apps without repeating the entire identity verification process.\nThe post Plaid Launches Anti-Fraud Network appeared first on PYMNTS.com.", "date_published": "2023-06-22T06:00:41-04:00", "date_modified": "2023-06-22T07:08:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/06/plaid-beacon.jpg", "tags": [ "Cybercrime", "ID", "ID fraud", "identity fraud", "Identity theft", "identity verification", "News", "Plaid", "Plaid Beacon", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1255368", "url": "https://www.pymnts.com/identity-theft/2022/synthetic-identity-fraud-costs-businesses-billions-each-year-data-shows/", "title": "Synthetic Identity Fraud Costs Businesses Billions Each Year, Data Shows", "content_html": "While many corporations need to contend with identity fraud, a new version of this problem has arisen recently: synthetic identity fraud.
\nThis involves hackers making up new identities instead of impersonating a real person, although they will often stitch together IDs using information from actual people (Social Security numbers or email addresses, for example).
\nThis type of fraud can be hard to spot, as there are no identity thefts to notify businesses of fraudulent applications made in their name.
\nOne recent study found that synthetic identity fraud cost financial institutions $20 billion in 2020, with the average fraudster stealing $81,000 to $97,000 before the fraud was uncovered.
\nAnother report found that online lenders lose $6 billion a year to synthetic identity fraud, with the Federal Reserve calling it the fastest-growing financial crime.
\nBrian Vitale, chief risk and compliance officer at Notre Dame Federal Credit Union, said this type of fraud cost his organization approximately $200,000 in unpaid loans before the CU suspected something was fishy. By the time they figured out that the borrowers did not exist, it was too late.
\nAnd lately, these bad actors have found a new target: children\u2019s data. A November 2021 report found that child identity fraud costs families close to $1 billion a year, having victimized 1.25 million children in 2020.
\nData breaches and phishing are among the most common sources of child ID fraud, with scammers hacking school district databases or social media accounts to swipe children\u2019s data for use in synthetic and other identity fraud.
\nResearch says 1 in 50 children have become identity fraud victims because of these tactics. And the damage caused to these children may take years to undiscover. Many of them will only learn their IDs were stolen as adults, when they first apply for credit. The average cost to fix a child\u2019s stolen ID is more than $1,000.
\nTo learn more about how businesses are combating this problem, download this month\u2019s Monetizing Digital Intent Tracker, a PYMNTS and Neuro-ID collaboration.
\nThe post Synthetic Identity Fraud Costs Businesses Billions Each Year, Data Shows appeared first on PYMNTS.com.
\n", "content_text": "While many corporations need to contend with identity fraud, a new version of this problem has arisen recently: synthetic identity fraud.\nThis involves hackers making up new identities instead of impersonating a real person, although they will often stitch together IDs using information from actual people (Social Security numbers or email addresses, for example).\nThis type of fraud can be hard to spot, as there are no identity thefts to notify businesses of fraudulent applications made in their name.\nOne recent study found that synthetic identity fraud cost financial institutions $20 billion in 2020, with the average fraudster stealing $81,000 to $97,000 before the fraud was uncovered.\nAnother report found that online lenders lose $6 billion a year to synthetic identity fraud, with the Federal Reserve calling it the fastest-growing financial crime.\nBrian Vitale, chief risk and compliance officer at Notre Dame Federal Credit Union, said this type of fraud cost his organization approximately $200,000 in unpaid loans before the CU suspected something was fishy. By the time they figured out that the borrowers did not exist, it was too late.\nAnd lately, these bad actors have found a new target: children\u2019s data. A November 2021 report found that child identity fraud costs families close to $1 billion a year, having victimized 1.25 million children in 2020.\nData breaches and phishing are among the most common sources of child ID fraud, with scammers hacking school district databases or social media accounts to swipe children\u2019s data for use in synthetic and other identity fraud.\nResearch says 1 in 50 children have become identity fraud victims because of these tactics. And the damage caused to these children may take years to undiscover. Many of them will only learn their IDs were stolen as adults, when they first apply for credit. The average cost to fix a child\u2019s stolen ID is more than $1,000.\nTo learn more about how businesses are combating this problem, download this month\u2019s Monetizing Digital Intent Tracker, a PYMNTS and Neuro-ID collaboration.\nThe post Synthetic Identity Fraud Costs Businesses Billions Each Year, Data Shows appeared first on PYMNTS.com.", "date_published": "2022-03-03T16:50:21-05:00", "date_modified": "2022-03-03T20:52:59-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/03/ID-fraud.jpg", "tags": [ "fraud", "identity verification", "Neuro-ID", "News", "PYMNTS Study", "Identity theft" ] }, { "id": "https://www.pymnts.com/?p=1048648", "url": "https://www.pymnts.com/identity-theft/2021/fed-introduces-uniform-definition-of-synthetic-identity-fraud/", "title": "Fed Introduces Uniform Definition Of Synthetic Identity Fraud", "content_html": "Following a consensus from a panel of industry fraud experts, the Federal Reserve is introducing a uniform definition of what constitutes synthetic identity fraud (SIF).
\n\u201cA shared understanding of what constitutes synthetic identity fraud is expected to improve its detection, measurement and mitigation in the payments industry,\u201d Jim Cunha, senior vice president, Federal Reserve Bank of Boston, said in a press release on Tuesday (April 6).
\n\u201cConsistent use of this definition within and across organizations can enable us to discuss, identify and classify synthetic identity fraud in a similar manner,\u201d he added.
\nThe definition of SIF came from a focus group composed of fraud experts who reached a consensus. The panel was convened to streamline the numerous definitions of SIF into one that is official and makes sense. The variety of definitions used throughout the industry made it hard to detect and conquer this type of cyber fraud, according to the Fed.
\nSIF is now officially defined as \u201cthe use of a combination of personally identifiable information (PII) to fabricate a person or entity in order to commit a dishonest act for personal or financial gain.\u201d
\nIndustry experts included Lee Cookman, TransUnion; Jeffrey Feinstein, LexisNexis Risk Solutions; Toni Gillich, U.S. Government Accountability Office (U.S. GAO); Claire Le Gal, MasterCard; Jack Lynch,\u00a0PSCU and others.
\nApplying this definition is voluntary. However, the usage will make for better data analysis about SIF, the Fed said.
\nSIF affects 60 percent of businesses, costing them more than $6 billion a year.\u00a0In an interview with PYMNTS, Jose Caldera, chief product officer at Acuant, said that fraud can\u2019t be beaten with a static approach. A layered approach includes having the right tech during the onboarding process and using that tech to monitor activities.
\nThe Federal Reserve issued a report in July 2020 about how best to approach the increasing problem of SIF. The Federal Reserve reported that experts suggest a multilayered strategy that uses a cross section of manual and digital information analysis.
\nThe post Fed Introduces Uniform Definition Of Synthetic Identity Fraud appeared first on PYMNTS.com.
\n", "content_text": "Following a consensus from a panel of industry fraud experts, the Federal Reserve is introducing a uniform definition of what constitutes synthetic identity fraud (SIF).\n\u201cA shared understanding of what constitutes synthetic identity fraud is expected to improve its detection, measurement and mitigation in the payments industry,\u201d Jim Cunha, senior vice president, Federal Reserve Bank of Boston, said in a press release on Tuesday (April 6).\n\u201cConsistent use of this definition within and across organizations can enable us to discuss, identify and classify synthetic identity fraud in a similar manner,\u201d he added.\nThe definition of SIF came from a focus group composed of fraud experts who reached a consensus. The panel was convened to streamline the numerous definitions of SIF into one that is official and makes sense. The variety of definitions used throughout the industry made it hard to detect and conquer this type of cyber fraud, according to the Fed.\nSIF is now officially defined as \u201cthe use of a combination of personally identifiable information (PII) to fabricate a person or entity in order to commit a dishonest act for personal or financial gain.\u201d\nIndustry experts included Lee Cookman, TransUnion; Jeffrey Feinstein, LexisNexis Risk Solutions; Toni Gillich, U.S. Government Accountability Office (U.S. GAO); Claire Le Gal, MasterCard; Jack Lynch,\u00a0PSCU and others.\nApplying this definition is voluntary. However, the usage will make for better data analysis about SIF, the Fed said.\nSIF affects 60 percent of businesses, costing them more than $6 billion a year.\u00a0In an interview with PYMNTS, Jose Caldera, chief product officer at Acuant, said that fraud can\u2019t be beaten with a static approach. A layered approach includes having the right tech during the onboarding process and using that tech to monitor activities.\nThe Federal Reserve issued a report in July 2020 about how best to approach the increasing problem of SIF. The Federal Reserve reported that experts suggest a multilayered strategy that uses a cross section of manual and digital information analysis.\nThe post Fed Introduces Uniform Definition Of Synthetic Identity Fraud appeared first on PYMNTS.com.", "date_published": "2021-04-06T17:54:19-04:00", "date_modified": "2021-04-07T09:02:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2021/04/shutterstock_1400311244.jpg", "tags": [ "B2B", "B2B Payments", "federal reserve", "identity fraud", "News", "Synthetic identity fraud", "What's Hot", "What's Hot In B2B", "Identity theft" ] }, { "id": "https://www.pymnts.com/?p=722019", "url": "https://www.pymnts.com/identity-theft/2019/protecting-the-youngest-and-most-vulnerable-id-theft-victims/", "title": "Protecting The Youngest \u2014 And Most Vulnerable \u2014 ID Theft Victims", "content_html": "It\u2019s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and \u2026 keep stealing.
\nNo surprise, then, that identity theft is on the rise. But increasingly, the bad guys have trained their collective sights on the most vulnerable of populations \u2014 utterly defenseless, as some of them cannot even walk or talk.
\nThose victims are kids \u2014 in some cases, even infants. In the United States, according to some sources such as Javelin, more than one million children were victimized by identity theft \u2014 and the fraud costs their families more than $540 million.
\nAt its most basic level, the key ingredients that are pilfered and then used to construct synthetic identities \u2013 where individuals\u2019 personal information is stitched together to fabricate new identities \u2014 are tied to data that is given to us at birth: Social Security numbers.
\nIn an interview with Karen Webster, Zac Cohen, general manager of Trulioo, said kids\u2019 Social Security numbers represent a relatively easy target.
\nAfter all, no one checks whether their kids\u2019 numbers are being used \u2014 and this points to common themes among fraudulent efforts.
\n\u201cWhen we talk about fraud, whatever kind it is,\u201d he told Webster, \u201cwe often talk about susceptibility.\u201d Certain groups, such as the elderly, may lack familiarity with a certain process or technology, which leaves the door open for fraudsters. \u201cBut at the end of the day, it really boils down to the likelihood that the fraudulent attempt will be successful.\u201d
\nIn the past, Cohen said, children were unlikely to become targets in the first place, due to the simple fact that they lacked access to capital. And capital, of course, is always in the sights of the bad guys.
\nBut with the convergence of smartphones, payments and eCommerce, digital conduits allow real goods to be sold for real money to and from just about anyone. There are now several different avenues by which fraudsters can take advantage of Social Security numbers \u2014 and children represent a greenfield opportunity.
\nAnd it\u2019s relatively easy to find SSNs, Cohen added, noting that where scammers can uncover individuals\u2019 birthdates, Social Security numbers are usually displayed nearby.
\nThe fraud? Well, it can take years to discover.\u00a0The bad actor who grabs a child\u2019s SSN can leverage it for years, applying for loans that will never be repaid or signing onto credit cards that never are paid down.
\nThen, when the child becomes an adult and seeks access to the financial products that are stepping stones into adulthood, they find their credit profile irredeemably wrecked.
\nAnd, perhaps saddest of all, the fraudsters are sometimes the very people that should be the most trusted in the young person\u2019s life: Cohen has seen an increasing incidence of parents and other relatives opening accounts with children\u2019s SSNs and going on shopping sprees.
\nIn other cases, money laundering gangs target kids across social media, and even through schools or video game platforms, to get access to a bank account and personally identifiable information (PII) data. They use children\u2019s accounts to launder money. The victims themselves bear the consequences, as in later years they may be barred from opening bank accounts.
\nIn many cases, false IDs are used to create accounts that lie dormant for years, which means the fraud is hard to track.
\nProactivity And Positive Ripple Effects
\nThe news seems bleak \u2014 but as Cohen noted, some simple, basic efforts can have long-lasting and positive ripple effects. \u201cThere are two principal actions for businesses that want to take preventative measures,\u201d he said.
\nThe first tool lies in communication, he told Webster. It\u2019s a fitting subject for a conversation that took place during the month of October, which happens to be Cybersecurity Awareness Month.
\nFraud prevention awareness programs are an underutilized and critical weapon to deploy against fraud, Cohen maintained, because awareness decreases susceptibility.
\n\u201cIf we do a better job of tackling the more commonly occurring fraud techniques, I think the outliers may, in fact, solve themselves.\u201d
\nThe second tool ties into the technology that is being used to facilitate, validate and monitor online activities \u2014 and especially financial transactions.
\n\u201cChildren are a difficult group to isolate in these areas, because they don’t have the same technology or financial footprint as adults,\u201d Cohen pointed out.
\nIn one example, he noted that Amazon has just released a line of Kindles for younger users.\u00a0As major names in commerce are targeting younger users, there are new opportunities to protect them.
\nCompanies can deploy testers and specialists (aka white hat hackers) through bounty programs, Cohen said, to stay one step ahead of hackers and other wrongdoers. Payment service providers also need to ensure that their technology infrastructure is flexible. It may be a difficult task, but it\u2019s not impossible, he noted \u2014 and the effort becomes easier if technology teams and risk and compliance teams work together rather than operate in separate silos.
\nClearing and Settling Digital IDs
\nIn the effort to \u201cclear and settle\u201d digital identities \u2014 to make sure compromised data (such as that which belongs to kids) is not being used \u2014 machine learning and artificial intelligence (AI) can be layered into those joint efforts, said Cohen. As noted in this space, Trulioo recently raised funding to help speed its buildout of a global digital identity network.
\nSuch advanced technologies can designate expected consumer behaviors tied to PII, devices or other identifiers and then flag inconsistencies.
\n\u201cWe should have that same level of intelligence regardless of where the user is, who they are or what their ages may be,\u201d Cohen said.
\nThat goal involves all stakeholders, including regulators and government agencies, where ID verification programs are stitched together so they are interoperable with all the different services individuals use every day.
\n\u201cThere’ll be more areas of fragility and more areas and populations that are susceptible to fraud,\u201d Cohen told Webster. \u201cThat’s why this conversation will never end.\u00a0But the strategy and the approach needs to evolve so that we’re better prepared for each new instance.\u00a0For every new tool you create, there will be someone trying to take advantage of it.\u201d
\nThe post Protecting The Youngest \u2014 And Most Vulnerable \u2014 ID Theft Victims appeared first on PYMNTS.com.
\n", "content_text": "It\u2019s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and \u2026 keep stealing.\nNo surprise, then, that identity theft is on the rise. But increasingly, the bad guys have trained their collective sights on the most vulnerable of populations \u2014 utterly defenseless, as some of them cannot even walk or talk.\nThose victims are kids \u2014 in some cases, even infants. In the United States, according to some sources such as Javelin, more than one million children were victimized by identity theft \u2014 and the fraud costs their families more than $540 million.\nAt its most basic level, the key ingredients that are pilfered and then used to construct synthetic identities \u2013 where individuals\u2019 personal information is stitched together to fabricate new identities \u2014 are tied to data that is given to us at birth: Social Security numbers.\nIn an interview with Karen Webster, Zac Cohen, general manager of Trulioo, said kids\u2019 Social Security numbers represent a relatively easy target.\nAfter all, no one checks whether their kids\u2019 numbers are being used \u2014 and this points to common themes among fraudulent efforts.\n\u201cWhen we talk about fraud, whatever kind it is,\u201d he told Webster, \u201cwe often talk about susceptibility.\u201d Certain groups, such as the elderly, may lack familiarity with a certain process or technology, which leaves the door open for fraudsters. \u201cBut at the end of the day, it really boils down to the likelihood that the fraudulent attempt will be successful.\u201d\nIn the past, Cohen said, children were unlikely to become targets in the first place, due to the simple fact that they lacked access to capital. And capital, of course, is always in the sights of the bad guys.\nBut with the convergence of smartphones, payments and eCommerce, digital conduits allow real goods to be sold for real money to and from just about anyone. There are now several different avenues by which fraudsters can take advantage of Social Security numbers \u2014 and children represent a greenfield opportunity.\nAnd it\u2019s relatively easy to find SSNs, Cohen added, noting that where scammers can uncover individuals\u2019 birthdates, Social Security numbers are usually displayed nearby.\nThe fraud? Well, it can take years to discover.\u00a0The bad actor who grabs a child\u2019s SSN can leverage it for years, applying for loans that will never be repaid or signing onto credit cards that never are paid down.\nThen, when the child becomes an adult and seeks access to the financial products that are stepping stones into adulthood, they find their credit profile irredeemably wrecked.\nAnd, perhaps saddest of all, the fraudsters are sometimes the very people that should be the most trusted in the young person\u2019s life: Cohen has seen an increasing incidence of parents and other relatives opening accounts with children\u2019s SSNs and going on shopping sprees.\nIn other cases, money laundering gangs target kids across social media, and even through schools or video game platforms, to get access to a bank account and personally identifiable information (PII) data. They use children\u2019s accounts to launder money. The victims themselves bear the consequences, as in later years they may be barred from opening bank accounts.\nIn many cases, false IDs are used to create accounts that lie dormant for years, which means the fraud is hard to track.\nProactivity And Positive Ripple Effects\nThe news seems bleak \u2014 but as Cohen noted, some simple, basic efforts can have long-lasting and positive ripple effects. \u201cThere are two principal actions for businesses that want to take preventative measures,\u201d he said.\nThe first tool lies in communication, he told Webster. It\u2019s a fitting subject for a conversation that took place during the month of October, which happens to be Cybersecurity Awareness Month.\nFraud prevention awareness programs are an underutilized and critical weapon to deploy against fraud, Cohen maintained, because awareness decreases susceptibility.\n\u201cIf we do a better job of tackling the more commonly occurring fraud techniques, I think the outliers may, in fact, solve themselves.\u201d\nThe second tool ties into the technology that is being used to facilitate, validate and monitor online activities \u2014 and especially financial transactions.\n\u201cChildren are a difficult group to isolate in these areas, because they don’t have the same technology or financial footprint as adults,\u201d Cohen pointed out.\nIn one example, he noted that Amazon has just released a line of Kindles for younger users.\u00a0As major names in commerce are targeting younger users, there are new opportunities to protect them.\nCompanies can deploy testers and specialists (aka white hat hackers) through bounty programs, Cohen said, to stay one step ahead of hackers and other wrongdoers. Payment service providers also need to ensure that their technology infrastructure is flexible. It may be a difficult task, but it\u2019s not impossible, he noted \u2014 and the effort becomes easier if technology teams and risk and compliance teams work together rather than operate in separate silos.\nClearing and Settling Digital IDs\nIn the effort to \u201cclear and settle\u201d digital identities \u2014 to make sure compromised data (such as that which belongs to kids) is not being used \u2014 machine learning and artificial intelligence (AI) can be layered into those joint efforts, said Cohen. As noted in this space, Trulioo recently raised funding to help speed its buildout of a global digital identity network.\nSuch advanced technologies can designate expected consumer behaviors tied to PII, devices or other identifiers and then flag inconsistencies.\n\u201cWe should have that same level of intelligence regardless of where the user is, who they are or what their ages may be,\u201d Cohen said.\nThat goal involves all stakeholders, including regulators and government agencies, where ID verification programs are stitched together so they are interoperable with all the different services individuals use every day.\n\u201cThere’ll be more areas of fragility and more areas and populations that are susceptible to fraud,\u201d Cohen told Webster. \u201cThat’s why this conversation will never end.\u00a0But the strategy and the approach needs to evolve so that we’re better prepared for each new instance.\u00a0For every new tool you create, there will be someone trying to take advantage of it.\u201d\nThe post Protecting The Youngest \u2014 And Most Vulnerable \u2014 ID Theft Victims appeared first on PYMNTS.com.", "date_published": "2019-10-18T04:00:15-04:00", "date_modified": "2019-10-18T17:14:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2019/10/Child-ID-theft.jpg", "tags": [ "authentication", "data theft", "Editor's Picks", "Featured News", "global id", "Identity theft", "News", "security and fraud", "trulioo", "verification" ], "summary": "Fraudsters are preying on children, pilfering Social Security numbers and other data to commit identity theft, run up charges and ruin credit. Zac Cohen, general manager of Trulioo, tells Karen Webster that education and technology (along with a global digital ID network) can shield the youngest victims." }, { "id": "https://www.pymnts.com/?p=536979", "url": "https://www.pymnts.com/identity-theft/2018/airport-security-u-s-customs-ken-cornick-biometric-authentication/", "title": "New Facial Recognition Tech Catches Traveler Imposter at U.S. Airport", "content_html": "Facial recognition technology helped U.S. border agents catch a traveler posing as a French citizen \u2014\u00a0and did so on the third day that authorities were using the biometric authentication system, officials said this week.
\nThe incident happened Tuesday (Aug. 22) at Washington Dulles International Airport, according to a statement from U.S. Customs and Border Protection. It involved a 26-year-old man \u201ctraveling from Sao Paulo, Brazil (who) presented a French passport to the CBP officer conducting primary inspections.\u201d The agency\u2019s new facial recognition authentication system determined that the man did not match the identity on the passport.
\n\u201cThe CBP officer referred the traveler to secondary for a comprehensive examination,\u201d the statement said.\u00a0\u201cIn secondary, CBP officers noted the traveler\u2019s behavior changed and he became visibly nervous. A search revealed the man\u2019s authentic Republic of Congo identification card concealed in his shoe.\u201d
\nDulles is one of 14 \u201cearly adopter\u201d airports for the facial recognition technology. Biometric entry and exit technology\u00a0uses facial comparison to provide additional security and to improve efficiency for international travelers, the agency said.
\nUsing biometrics to authenticate airplane travelers is a focus of the latest\u00a0Digital Identity Tracker from PYMNTS. Colleen Manaher of the U.S. Customs and Border Protection discussed how and why the agency has invested in biometric technology to secure select entry points to the United States.
\nThe goal, Manaher said, is to change the way travelers enter and exit the country. In the future, she said, international travelers could board a flight bound for the U.S. in another country, arrive in the States, and clear Customs and Border checkpoints without ever displaying a passport or other travel document.
\n\u201cThis is something the government has worked on for a long time,\u201d she said. \u201cWe want to change the face of air travel.\u201d
\nBeyond that, portable biometric identity with a fingerprint or iris scan can help travelers board flights more efficiently\u00a0\u2014\u00a0 or to even allow people to\u00a0fast-track the entrance at sporting events and concerts, and complete transactions with a quick scan of something every consumer has on them at all times. Ken Cornick, co-founder and president of\u00a0CLEAR, discussed that in depth with \u00a0Karen Webster for a recent Monday Conversation.
\n\n
The post New Facial Recognition Tech Catches Traveler Imposter at U.S. Airport appeared first on PYMNTS.com.
\n", "content_text": "Facial recognition technology helped U.S. border agents catch a traveler posing as a French citizen \u2014\u00a0and did so on the third day that authorities were using the biometric authentication system, officials said this week.\nThe incident happened Tuesday (Aug. 22) at Washington Dulles International Airport, according to a statement from U.S. Customs and Border Protection. It involved a 26-year-old man \u201ctraveling from Sao Paulo, Brazil (who) presented a French passport to the CBP officer conducting primary inspections.\u201d The agency\u2019s new facial recognition authentication system determined that the man did not match the identity on the passport.\n\u201cThe CBP officer referred the traveler to secondary for a comprehensive examination,\u201d the statement said.\u00a0\u201cIn secondary, CBP officers noted the traveler\u2019s behavior changed and he became visibly nervous. A search revealed the man\u2019s authentic Republic of Congo identification card concealed in his shoe.\u201d\nDulles is one of 14 \u201cearly adopter\u201d airports for the facial recognition technology. Biometric entry and exit technology\u00a0uses facial comparison to provide additional security and to improve efficiency for international travelers, the agency said.\nUsing biometrics to authenticate airplane travelers is a focus of the latest\u00a0Digital Identity Tracker from PYMNTS. Colleen Manaher of the U.S. Customs and Border Protection discussed how and why the agency has invested in biometric technology to secure select entry points to the United States.\nThe goal, Manaher said, is to change the way travelers enter and exit the country. In the future, she said, international travelers could board a flight bound for the U.S. in another country, arrive in the States, and clear Customs and Border checkpoints without ever displaying a passport or other travel document.\n\u201cThis is something the government has worked on for a long time,\u201d she said. \u201cWe want to change the face of air travel.\u201d\nBeyond that, portable biometric identity with a fingerprint or iris scan can help travelers board flights more efficiently\u00a0\u2014\u00a0 or to even allow people to\u00a0fast-track the entrance at sporting events and concerts, and complete transactions with a quick scan of something every consumer has on them at all times. Ken Cornick, co-founder and president of\u00a0CLEAR, discussed that in depth with \u00a0Karen Webster for a recent Monday Conversation.\n \nThe post New Facial Recognition Tech Catches Traveler Imposter at U.S. Airport appeared first on PYMNTS.com.", "date_published": "2018-08-24T11:00:47-04:00", "date_modified": "2018-08-24T11:13:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2016/04/airport.jpg", "tags": [ "authentication", "biometrics", "border", "CLEAR", "digital identity", "facial recognition", "ID", "Identity theft", "international travel", "News", "U.S. Customs and Border Protection" ] }, { "id": "https://www.pymnts.com/?p=489570", "url": "https://www.pymnts.com/identity-theft/2018/ed-sheeran-parody-trulioo-biometric-identifiers-fraud-prevention/", "title": "Trulioo Sings Praises Of IDV With Ed Sheeran Parody", "content_html": "Ed Sheeran is \u201cin love with the shape of you,\u201d but Eva is in love with Trulioo \u2013 more specifically, the protection it gives her against a fraudster who steals her ID at the gym and tries to take over her identity. Thanks to Trulioo’s suite of identity verification technologies to power mobile transactions, the fraudster fails and Eva is able to take back control of her email and payment accounts.
\nThat\u2019s the plot of Trulioo\u2019s latest pop music parody, \u201cVerify You,\u201d set to the tune of the hit single \u201cShape of You\u201d by Ed Sheeran.
\n\u201cOur goal with the parody music video is to drive home an important message,” Stephen Ufford, CEO at Trulioo. “As fraudsters continue to shift online with more sophisticated techniques, innovative identity verification technologies are being used to power high-tech solutions to prevent fraud in today’s mobile-first world.”
\nEva could be any digitally savvy consumer, living in a mobile-first world where just about anything can be accomplished from the palm of her hand. She shops online for a new phone, hails and pays for a ride, meets up with a guy from a dating app (who turns out to be catfishing her) and rents out her apartment to a couple of travelers, receiving their payment via mobile app.
\nBut at the same time, the fraudster who stole her ID is using her identity to buy goods on the Dark Web. He finds his way into her email account and resets her password \u2013 a classic move in the identity theft process, preventing victims from communicating with merchants or platforms tied to that address.
\nThat way, the fraudster can do business freely on those accounts and the rightful user can do nothing about it, even if he or she requests a password reset \u2013 that message will just be intercepted by the fraudster.
\nLuckily, Eva has set up her accounts so that, if her password fails, she can choose to authenticate via another method, such as a thumbprint scan. Such biometric identifiers are not replicable by the fraudster, and enable the system to differentiate between two different people who are presenting the same set of legitimate-looking credentials.
\nIt’s this layered approach that gives Trulioo the power to protect Eva from digital threats.
\nTrulioo, a global identity verification service, previously recorded a parody of \u201cDown With OPP\u201d by the group Naughty by Nature \u2013 rebranded as \u201cDown with KYC\u201d to emphasize the importance of knowing your customer.
\n\u201cThis was a really fun project for our team, but more importantly, our goal was to encourage dialogue about the importance of identity verification,\u201d Kim Hong, VP of marketing at Trulioo, said at the time. \u201cKYC rules are important to ensure safety and trust online, and to protect against nefarious criminal activities, such as money laundering, terrorist financing and fraud.\u201d
\nThe post Trulioo Sings Praises Of IDV With Ed Sheeran Parody appeared first on PYMNTS.com.
\n", "content_text": "Ed Sheeran is \u201cin love with the shape of you,\u201d but Eva is in love with Trulioo \u2013 more specifically, the protection it gives her against a fraudster who steals her ID at the gym and tries to take over her identity. Thanks to Trulioo’s suite of identity verification technologies to power mobile transactions, the fraudster fails and Eva is able to take back control of her email and payment accounts.\nThat\u2019s the plot of Trulioo\u2019s latest pop music parody, \u201cVerify You,\u201d set to the tune of the hit single \u201cShape of You\u201d by Ed Sheeran.\n\u201cOur goal with the parody music video is to drive home an important message,” Stephen Ufford, CEO at Trulioo. “As fraudsters continue to shift online with more sophisticated techniques, innovative identity verification technologies are being used to power high-tech solutions to prevent fraud in today’s mobile-first world.”\nEva could be any digitally savvy consumer, living in a mobile-first world where just about anything can be accomplished from the palm of her hand. She shops online for a new phone, hails and pays for a ride, meets up with a guy from a dating app (who turns out to be catfishing her) and rents out her apartment to a couple of travelers, receiving their payment via mobile app.\nBut at the same time, the fraudster who stole her ID is using her identity to buy goods on the Dark Web. He finds his way into her email account and resets her password \u2013 a classic move in the identity theft process, preventing victims from communicating with merchants or platforms tied to that address.\nThat way, the fraudster can do business freely on those accounts and the rightful user can do nothing about it, even if he or she requests a password reset \u2013 that message will just be intercepted by the fraudster.\nLuckily, Eva has set up her accounts so that, if her password fails, she can choose to authenticate via another method, such as a thumbprint scan. Such biometric identifiers are not replicable by the fraudster, and enable the system to differentiate between two different people who are presenting the same set of legitimate-looking credentials.\nIt’s this layered approach that gives Trulioo the power to protect Eva from digital threats.\nTrulioo, a global identity verification service, previously recorded a parody of \u201cDown With OPP\u201d by the group Naughty by Nature \u2013 rebranded as \u201cDown with KYC\u201d to emphasize the importance of knowing your customer.\n\u201cThis was a really fun project for our team, but more importantly, our goal was to encourage dialogue about the importance of identity verification,\u201d Kim Hong, VP of marketing at Trulioo, said at the time. \u201cKYC rules are important to ensure safety and trust online, and to protect against nefarious criminal activities, such as money laundering, terrorist financing and fraud.\u201d\nThe post Trulioo Sings Praises Of IDV With Ed Sheeran Parody appeared first on PYMNTS.com.", "date_published": "2018-03-28T05:00:58-04:00", "date_modified": "2018-03-28T16:47:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2018/03/edsheeran.jpg", "tags": [ "authentication", "biometrics", "Cybercrime", "Ed Sheeran", "Fraud Prevention", "Identity theft", "News", "security and fraud", "trulioo", "What's Hot" ] }, { "id": "http://www.pymnts.com/?p=349612", "url": "https://www.pymnts.com/identity-theft/2017/symantec-buys-lifelock-to-counter-identity-theft/", "title": "Symantec Completes LifeLock Buy To Counter Identity Theft", "content_html": "With Symantec Corp.\u2019s completion of its acquisition of\u00a0LifeLock,\u00a0Inc., a leading provider of identity theft protection, it has created the most comprehensive\u00a0consumer digital safety platform\u00a0to help people protect their information, identities, devices and families. The acquisition, approved by LifeLock\u2019s shareholders last month, was made for approximately\u00a0$2.3 billion.
\nWith more people shopping online and sharing their lives on social media, identity theft is at an all-time high.\u00a0In a press release,\u00a0Symantec said that more than one-third of Americans and more than 650 million people globally were victims of cybercrime in 2016 alone, making digital safety a top concern for consumers. In fact, it is an estimated $10 billion market.
\nIdentity theft allows thieves to steal personal information (such as Social Security numbers) and use it to then take over or open new accounts, file fake tax returns, rent or buy properties and more. According to LifeLock, children are especially susceptible to identity theft because of their clean credit histories.
\nLifeLock protects its customers by scanning millions of transactions every second for threats to a person\u2019s identity. In addition, if an identity has been stolen, there are specialists on hand to help the victim pinpoint the security breach, as well as give $25,000 to $1 million to replace stolen funds depending on the level of a client\u2019s plan. Last year, consumers spent over 100 million hours resolving identity fraud.
\n\u201cThe combination of Symantec, the leader in consumer security, and LifeLock, with more than 4.5 million members, paves the way for us to deliver comprehensive digital safety solutions for consumers who face an onslaught of new risks every day,\u201d said Symantec CEO Greg Clark. \u201cWith the addition of LifeLock, consumers will now have a single place to get the protection services they need for their entire digital lives \u2014 from two trusted, industry-leading brands.\u201d
\nThe post Symantec Completes LifeLock Buy To Counter Identity Theft appeared first on PYMNTS.com.
\n", "content_text": "With Symantec Corp.\u2019s completion of its acquisition of\u00a0LifeLock,\u00a0Inc., a leading provider of identity theft protection, it has created the most comprehensive\u00a0consumer digital safety platform\u00a0to help people protect their information, identities, devices and families. The acquisition, approved by LifeLock\u2019s shareholders last month, was made for approximately\u00a0$2.3 billion.\nWith more people shopping online and sharing their lives on social media, identity theft is at an all-time high.\u00a0In a press release,\u00a0Symantec said that more than one-third of Americans and more than 650 million people globally were victims of cybercrime in 2016 alone, making digital safety a top concern for consumers. In fact, it is an estimated $10 billion market.\nIdentity theft allows thieves to steal personal information (such as Social Security numbers) and use it to then take over or open new accounts, file fake tax returns, rent or buy properties and more. According to LifeLock, children are especially susceptible to identity theft because of their clean credit histories.\nLifeLock protects its customers by scanning millions of transactions every second for threats to a person\u2019s identity. In addition, if an identity has been stolen, there are specialists on hand to help the victim pinpoint the security breach, as well as give $25,000 to $1 million to replace stolen funds depending on the level of a client\u2019s plan. Last year, consumers spent over 100 million hours resolving identity fraud.\n\u201cThe combination of Symantec, the leader in consumer security, and LifeLock, with more than 4.5 million members, paves the way for us to deliver comprehensive digital safety solutions for consumers who face an onslaught of new risks every day,\u201d said Symantec CEO Greg Clark. \u201cWith the addition of LifeLock, consumers will now have a single place to get the protection services they need for their entire digital lives \u2014 from two trusted, industry-leading brands.\u201d\nThe post Symantec Completes LifeLock Buy To Counter Identity Theft appeared first on PYMNTS.com.", "date_published": "2017-02-10T07:15:38-05:00", "date_modified": "2017-02-10T00:39:40-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2016/11/Symantec-to-Buy-LifeLock.jpg", "tags": [ "digital safety", "Identity theft", "lifelock", "Symantec", "What's Hot" ] }, { "id": "http://www.pymnts.com/?p=227953", "url": "https://www.pymnts.com/identity-theft/2016/identity-theft-data-breach-reporting/", "title": "Giving Big Data Decision-Making A Real-Time Touch", "content_html": "Big data, big data, big data.
\nWe all know the term, understand its significance and have seen plenty of examples across the industry of how businesses are utilizing massive amounts of data (and the applied analytics needed to make sense of it all) as a competitive edge in the market.
\nBut what if the way companies are going about big data and analytics is all wrong?
\nJoe DeCosmo, Chief Analytics Officer of Enova Decisions, says that it\u2019s clear that even with access to big data, not harnessing it in the most efficient way can lead to some major challenges in driving innovation.
\nIn order to truly reap all the benefits of big data, while also keeping up with consumer demands and staying one step ahead of the competition, DeCosmo says the integration of real-time, scalable analytics decisions must be made.
\nUnfortunately, DeCosmo said, in many cases the lack of analytics expertise or an advanced technical infrastructure stand in the way of delivering instant answers to the tech-centric consumers who demand them.
\nReal-time decisions come with many benefits \u2013 with enhanced customer experience and improved business functions among them \u2013 but getting there isn\u2019t easy.
\n\u201cAs the speed of business steadily increases and automated processes and faster decisions change the game, more and more businesses will feel the crunch to make real-time, automated decisions a reality,\u201d DeCosmo explained.
\nA key challenge in reaching real-time decisions is actually finding the analytics expertise needed to develop and monitor the necessary models and algorithms.
\nBasically, a good big data and analytics architect is hard to find.
\nWith data scientists being one of the hardest analytics resources to recruit, DeCosmo noted that many businesses attempt to develop and implement advanced technical infrastructures internally.
\nHowever, it doesn\u2019t take long for the complexities and enormous financial costs of taking the in-house path to become overwhelming.
\nDeCosmo pointed out that building the platforms needed to enable real-time decision-making with big data takes a significant amount of resources, adding that \u201cit takes millions of dollars and multiple years to build a world-class technical infrastructure that produces real-time automated decisions \u2014 even with top-notch analytics experts at the ready.\u201d
\nAs the demand for analytics talent continues to grow (and the supply remains scarce), DeCosmo provides some important considerations businesses should keep in mind if they decide to cultivate analytics expertise in-house, such as understanding the right mix of talent to address the data challenge, dedicating to a strategy for expanding the search and understanding exactly what type of talent is needed.
\nBut when access to the analytics expertise of data scientists isn\u2019t there, businesses face a fork in the road.
\nHere\u2019s the dilemma: Should a business purchase or create its own real-time predictive analytics power?
\nThe answer may actually fall somewhere in the middle \u2013 a combination of both buying and building.
\nThough analytics expertise and technical infrastructures are both significant, DeCosmo said it makes sense to build one and buy the other.
\n\u201cHire a small team of analytics experts that can build their own algorithms and work closely with the business units to determine their needs,\u201d he explained. \u201cThen, take advantage of existing technical infrastructures that have already been built and refined to run models and produce real-time results.\u201d
\nIn an effort to help businesses attain a scalable predictive analytics solution that meets their needs for real-time decisions, Enova Decisions created its Real-Time Analytics and Colossus Decisioning Platform.
\nThe platform enables customizable, real-time scoring and evaluates thousands of transactions per hour in order to produce scores and decisions on fraud, credit, operations, and marketing in an instant and at scale via Web-based APIs.
\n\u201cBusinesses that outsource or supplement existing resources with analytics expertise, customized modeling, and a technical infrastructure, save time and capital versus building all solutions in-house,\u201d DeCosmo explained. \u201cInnovation through analytics drives business performance, growth, customer satisfaction and bottom-line results.\u201d
\nFor more details on the influence of real-time decision-making, please see \u201cThe Big Data Game Changer,\u201d a white paper authored by Joe DeCosmo.
\n[contact-form-7]\nThe post Giving Big Data Decision-Making A Real-Time Touch appeared first on PYMNTS.com.
\n", "content_text": "Big data, big data, big data.\nWe all know the term, understand its significance and have seen plenty of examples across the industry of how businesses are utilizing massive amounts of data (and the applied analytics needed to make sense of it all) as a competitive edge in the market.\nBut what if the way companies are going about big data and analytics is all wrong?\nJoe DeCosmo, Chief Analytics Officer of Enova Decisions, says that it\u2019s clear that even with access to big data, not harnessing it in the most efficient way can lead to some major challenges in driving innovation.\nIn order to truly reap all the benefits of big data, while also keeping up with consumer demands and staying one step ahead of the competition, DeCosmo says the integration of real-time, scalable analytics decisions must be made.\nUnfortunately, DeCosmo said, in many cases the lack of analytics expertise or an advanced technical infrastructure stand in the way of delivering instant answers to the tech-centric consumers who demand them.\nBYPASSING THE REAL-TIME ROADBLOCKS\nReal-time decisions come with many benefits \u2013 with enhanced customer experience and improved business functions among them \u2013 but getting there isn\u2019t easy.\n\u201cAs the speed of business steadily increases and automated processes and faster decisions change the game, more and more businesses will feel the crunch to make real-time, automated decisions a reality,\u201d DeCosmo explained.\nA key challenge in reaching real-time decisions is actually finding the analytics expertise needed to develop and monitor the necessary models and algorithms.\nBasically, a good big data and analytics architect is hard to find.\nWith data scientists being one of the hardest analytics resources to recruit, DeCosmo noted that many businesses attempt to develop and implement advanced technical infrastructures internally.\nHowever, it doesn\u2019t take long for the complexities and enormous financial costs of taking the in-house path to become overwhelming.\nDeCosmo pointed out that building the platforms needed to enable real-time decision-making with big data takes a significant amount of resources, adding that \u201cit takes millions of dollars and multiple years to build a world-class technical infrastructure that produces real-time automated decisions \u2014 even with top-notch analytics experts at the ready.\u201d\nAs the demand for analytics talent continues to grow (and the supply remains scarce), DeCosmo provides some important considerations businesses should keep in mind if they decide to cultivate analytics expertise in-house, such as understanding the right mix of talent to address the data challenge, dedicating to a strategy for expanding the search and understanding exactly what type of talent is needed.\nBut when access to the analytics expertise of data scientists isn\u2019t there, businesses face a fork in the road.\nTO BUY OR TO BUILD?\nHere\u2019s the dilemma: Should a business purchase or create its own real-time predictive analytics power?\nThe answer may actually fall somewhere in the middle \u2013 a combination of both buying and building.\nThough analytics expertise and technical infrastructures are both significant, DeCosmo said it makes sense to build one and buy the other.\n\u201cHire a small team of analytics experts that can build their own algorithms and work closely with the business units to determine their needs,\u201d he explained. \u201cThen, take advantage of existing technical infrastructures that have already been built and refined to run models and produce real-time results.\u201d\nIn an effort to help businesses attain a scalable predictive analytics solution that meets their needs for real-time decisions, Enova Decisions created its Real-Time Analytics and Colossus Decisioning Platform.\nThe platform enables customizable, real-time scoring and evaluates thousands of transactions per hour in order to produce scores and decisions on fraud, credit, operations, and marketing in an instant and at scale via Web-based APIs.\n\u201cBusinesses that outsource or supplement existing resources with analytics expertise, customized modeling, and a technical infrastructure, save time and capital versus building all solutions in-house,\u201d DeCosmo explained. \u201cInnovation through analytics drives business performance, growth, customer satisfaction and bottom-line results.\u201d\nFor more details on the influence of real-time decision-making, please see \u201cThe Big Data Game Changer,\u201d a white paper authored by Joe DeCosmo.\n[contact-form-7]\nThe post Giving Big Data Decision-Making A Real-Time Touch appeared first on PYMNTS.com.", "date_published": "2016-05-27T04:01:56-04:00", "date_modified": "2016-05-27T15:46:44-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2016/05/enova-decisions-big-data-real-time.jpg", "tags": [ "big data", "data analytics", "Enova Decisions", "Featured News", "Main Feature", "real-time data", "What's happening now", "Identity theft" ], "summary": "Big data and analytics can be powerful for decision-making, but what if businesses aren\u2019t taking advantage of what these tools really have to offer? Enter the real-time game changer. Enova Decisions Chief Analytics Officer Joe DeCosmo explains why the next big data trend revolves around making instant answers a reality." } ] }