Identity Takeover Fraud: The New Face of an Old Scam

07.05.17 | BAI Banking Strategies | The takeover bid banks hate: Identity takeover of consumer accounts Matt Schraan, Vice President of Product Development at ID Insight, describes the prototypical identity takeover scheme and provides guidance on how to stop it. …

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Millennials and Fraudsters First to Embrace Mobile Wallets

Millennials are leading the charge where technology and financial payments come together. Unfortunately, fraudsters also like to jump on new technology while businesses are still working out the kinks and have not yet discovered critical process gaps. This time, the …

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Date Posted: April 21, 2017 Author: Jack Sundstrom Category:   Featured, IDI Blog,

In Praise of (Identity) Maintenance

I recently listened to an episode of the Freakonomics Radio podcast titled “In Praise of Maintenance.” This episode explores the tradeoffs between innovation and maintenance, and raises the question if this is just a false dilemma. Do we really need …

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Account Takeover: When the phone is baloney

Criminals have always figured out new ways to perpetrate account takeover (ATO) fraud, and a popular new method exploits a very common method of authentication: customer phone numbers. A new report released last week indicates that account takeover on mobile …

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Beware address hijacking

09.09.16 | Banking Exchange | When you call and the “customer” says “go ahead,” it may not be your customer “Why are 25 people from all over the country moving to a vacant lot in Brooklyn?” Adam Elliott not only asks …

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Paperless Banking: Even in the Digital World, Mailing Addresses Still Matter

In our last two posts, we described how the move to paperless banking has unintentionally caused a significant rise in outdated contact information on the customer information file (CIF) – specifically mailing addresses – and explored how financial institutions are …

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Date Posted: December 8, 2015 Author: Jack Sundstrom Category:   Featured, IDI Blog,

Paperless Banking: Leaving the Mailbox Door Wide Open for Fraud

In our last post, we discussed how paperless banking has unwittingly created a multi million-dollar return mail problem, particularly for smaller institutions that can ill afford wasteful spending. Today, we want to talk about how paperless banking may be giving …

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Date Posted: December 1, 2015 Author: Jack Sundstrom Category:   Featured, IDI Blog,

Paperless Banking: A Weak Link in Customer Relationships

The digital age has brought convenience and immediacy – not to mention lower costs – to the way banks communicate with customers. However, paperless banking has inadvertently created a weak link in the customer communication chain: stale addresses. Without a …

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Weathering the Fraud “Walleye Chop” with ID Insight at IAFCI

Minnesota’s own Bob Dylan once wrote: “you don’t need a weatherman to know which way the wind blows.” So it’s no surprise that the changing climate of fraud detection and prevention was a prime topic at this year’s International Association …

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Date Posted: September 14, 2015 Author: Adam Elliott Category:   Featured, IDI Blog,

FACTA’s Red Flags Rule May Give Financial Institutions a False Sense of Security

Reprinted with permission from Thomson Reuters, ID Insight’s Adam Elliott provides his expert opinion in a WestLaw Journal article entitled “FACTA’s Red Flags Rule May Give Financial Institutions a False Sense of Security.”

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