Identity Fraud Shifting User Preference within Mobile and Online Channels

telephone-586266_960_720IDology, a leader in multi-layered identity verification and fraud prevention solutions, announced this week the release of a new white paper by Mercator Advisory Group that explores the different security challenges professionals in financial services, alternative financial services, healthcare and insurance face in the mobile and online channels.

While each industry faces unique challenges and opportunities in terms of fraud vectors and fraud prevention, Mercator’s primary research conducted comprehensive interviews with fraud management executives revealed certain commonalities across industries.

The white paper, Security Challenges in Digital Challenges: Fraud Professional Weigh In, provides insight into:

  • The growing number of data breaches in the United States is increasing the ability of fraudsters to gain identity information and account access information—and creating new risks for service firms;
  • Multi-layered authentication protocols are critical for assuring the success of identity verification and fraud management strategies as well as preserving a positive user experience for customers; and
  • Mobile account acquisition, opening and self-service are important focus areas for investments in fraud management technologies.

The research also contains executive briefs focusing on each industry. The briefs and white paper can be downloaded here.

“Identity fraud is an evolving risk that affects many industries and technologies,” said John Dancu, chief executive officer of IDology. “Today, companies are struggling to balance security and authentication with the need to deliver a customer-friendly experience with little to no friction, especially given that the mobile and online channels are increasingly targeted by fraudsters and the growing consumer adoption of these channels,” said Dancu.

“The research shows that, with the rise of mobile devices being utilized to access accounts across many consumer-facing industries, mobile security needs to be a top priority for organizations as the mobile channel is the next battleground being used by cyber criminals,” said Dancu.

“While we continue to develop multi-layered and innovative fraud prevention solutions, fraudsters are also adapting their strategies and discovering new methods to attack sensitive personal, financial and healthcare data. To combat fraudsters, it is imperative for organizations to employ robust, layered identity verification and fraud prevention solutions that are optimized for these channels. We hope this research educates risk professionals in all industries and furthers the dialogue within the fraud prevention community that as consumers change habits, our view of fraud prevention should change with them,” said Dancu.

Want to learn more? Check out the free white paper, Security Challenges in Digital Challenges: Fraud Professional Weigh, and industry-specific executive briefs here.