In this opinion piece on CEO World, David Britton, VP of Industry Solutions, Global ID & Fraud, discusses why, in today’s increasingly digital world, it is much easier for fraudsters to operate on a global scale.
As commerce and financial services ramped up their online offerings due to the pandemic, it enabled criminals to take advantage of people in vulnerable situations. There has been a significant shift away from previously prevalent fraud schemes such as account takeover, account opening and card-not-present, towards the direct manipulation of individuals to get to their personal information and payment details.
“Not only have they been taking over the world, but fraudsters have been taking advantage of the growing digital environment, and as recent research from Experian found, 55% of consumers say security is the most important factor in their digital experience. It is important for individuals to know what to do to ensure that their information is secure and to have technology to utilize in order to fight against this issue. For both personal and businesses, there are ways to combat the scandals of fraudsters.”
Business fraud prevention
With a focus on ransomware and email compromise, there are many things businesses can do to minimise vulnerability to fraud. A layered approach to defence is key, along with device intelligence and strong employee training.
Personal financial fraud
Although there is a common misconception that credit card details pose the biggest fraud opportunity, identity theft is by far the one to watch for consumers today. Fraudsters can use personal information for credit or payments.
“Businesses must invest in new technologies in order to give people the added security they desire when accessing their accounts. In fact, according to our most recent Global Identity & Fraud Report, consumers no longer believe passwords are the most secure method for authentication. Since the pandemic, consumers have an increasing level of comfort and preference for physical and behavior-based – or invisible – methods of security.”
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