Financial Institutions Have New Tech to Battle the Growing Digital Identity Crisis
The evolution of cybercrime is responsible for an identity theft boom. The ill-gotten gains from personal data sold on the Dark Web amounts to hundreds of billions of untraceable proceeds annually.
Javelin Strategy & Research’s 2017 Identity Fraud Study said ID theft hit a record high in 2016, victimizing 15.4 million people, or roughly two-million more victims than the previous year[2]. ID theft is generally a precursor to credit card fraud, which attributed to worldwide losses of $21.84 billion in 2016[3].
Card issuers incurred 72%, of those losses last year, with card fraud expected to siphon a grand total of $88.87 billion out of the global financial system over the next four years.
Financial institutions are facing a digital identity crisis that’s only going to get worse if they don’t take action now.
Never in history has data been more valuable, monetizable or accessible to criminals. Banks, fintech companies and other financial service platforms need a data-driven, know-your-customer (KYC) solution to enhance their customer authentication processes and properly safeguard their organizations.
Financial institutions (FI) across the board should partner with a regtech vendor that screens risk by using best-in-class data, with real-time and continuously updating information streams. Further, they must embrace more progressive local suspicious-activity data sharing between institutions, because the most prolific identity and bank frauds cast a wide net and target many lenders.
In addition to updating their KYC processes and partnering with a solid regtech vendor, FIs will soon be able to ensure instant, secure trust for their customers as well as themselves. Peer Mountain’s shared cryptographic ledger records transactions, identities, and trust levels in a way that is verifiable and certifiable, and anonymous to everyone — including Peer Mountain. The system simplifies the acquisition and delivery of digital and physical services, while protecting its users from hackers and fraudsters. Learn more.
(note: this is sponsored content from Thomson Reuter)
Join our Telegram group and be first to hear all the news https://t.me/peermountain
