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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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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Knowing Your Customer vs. Matching Credentials – A New Paradigm for ID Verification

Identity theft and new account fraud go hand-in-hand, and the problem continues to grow with an explosion of data breaches making personal information – including addresses – more widely available than ever before. Unfortunately, traditional ID verification (IDV) solutions that rely solely on …

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Date Posted: December 6, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

ID Verification: A New Paradigm

Historically, ID verification solutions have been deployed to verify a consumer’s identity. Whether it is a new loan application, credit card application, new checking account or other, the financial institution has relied on ID verification solutions to confirm that the …

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ID Verification: The Current and Flawed State

Much has evolved since the enactment of the Bank Secrecy Act, and the majority of financial institutions have a relatively simple process when it comes to ID verification. While this process is straightforward and meets compliance requirements, it is by …

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ID Verification: The History of “Knowing Your Customer”

Not long ago, verifying the true identity of customers meant that financial institutions ran an off-the-shelf ID verification (IDV) solution and simply confirmed that all the identity credentials presented had been seen before. If the information checked out, then it …

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Date Posted: May 5, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

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,

Authentication: The Thieves Already Know the Answers

High profile attacks on federal government information systems have dominated the headlines in recent weeks. While the tactics used to execute these attacks vary, they share a common and unfortunate root cause – our widespread over-dependence on supposed “private” information …

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Authentication is a Speed Bump for Fraudsters (and for Legitimate Customers)

Somebody logs on to your online banking site to change their mailing address. No big deal, right? People move all of the time, so an address change performed online seems perfectly reasonable. Now, a couple of days later that same …

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