April 18, 2018 — Identity fraud has reached a new high
Lisa Baergen, Director at NuData, comments on a report issued this morning by Professional Security Magazine disclosing the number of identity frauds increased once again in 2017, with almost 175,000 cases recorded, according to the fraud prevention trade body Cifas.
All forms of identity fraud are appallingly high in the UK and the damage inflicted on the public continues to grow. Unless the UK wants to see these rates climb ever higher, institutions, governments, and private companies must take these threats as seriously as other forms of crime. Multi-layered solutions are available now in the marketplace that can help mitigate much of this type of cyber fraud. Organisations that transact online, such as banks, eCommerce stores, travel agencies and other vendors can take a more nuanced approach to authentication by evaluating as much contextual information about customer’s interactions as possible to determine if it truly is the right user. Multi-layered technology that includes passive biometrics and behavioural analytics can distinguish good from bad users even when new devices and correct credentials are used because they rely on a different set of data – the customer’s behaviour. Removing the value of stolen credentials from the hands of criminals can re-balance the online identity proofing environment for consumers and organisations.
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