Problem overview
Identity theft causes significant financial losses and damages customer trust. The rise in digital transactions significantly amplifies these risks. Prioritizing fraud protection measures, including behavioral intelligence, is paramount for banks to protect customer assets and confidence while maintaining the organization's reputation. There are several tactics that criminals may use to gather someone's personal information for identity theft.
Identity theft has many fraudulent uses
There are several use cases in which criminals steal someone's personal information for financial gain.
Opening accounts
Cybercriminals use stolen information to open accounts in another person’s name. These accounts can be bank accounts, credit card accounts, or loans under the victim's name.
Accessing existing accounts
Cybercriminals use the stolen information to gain access to a victim's existing accounts, often draining the account or running up substantial debts.
Money laundering
Cybercriminals use stolen identities to obscure the origins of illicitly gained money to move funds through a victim’s account to make it appear legitimate.
Your mobile device is an extension of you
The use of mobile devices has grown exponentially in the past decade, with nearly 5.5 billion unique mobile phone users globally and more than 300 billion apps expected to be downloaded in 2023.
This white paper gives an inside look at how behavioral data is being leveraged to detect mobile malware, including the latest TeaBot variant, and how global banks are using it to successfully prevent account takeover.
use case
Automated software (bot) fraud
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and harm your brand.
