As the Coronavirus outbreak spreads globally, users are beginning to change their digital behaviors. BioCatch collects data to protect a large number of online users with behavioral biometrics, and has been observing some interesting trends across many geographies. One emerging trend, not surprisingly, is an increase in the use of Remote Access.
As COVID-19 continues to impact the global community, I would like to update you on the steps BioCatch has taken to ensure business continuity for all our customers around the world during this period of uncertainty. The health and safety of our employees, customers, and partners will always be our top priority. BioCatch has now entered into full disaster recovery mode. I have instructed all employees to work remotely and exercise social distancing. They will leverage technology and conduct internal and external meetings virtually until the situation becomes clearer. As a global company, all of our employees are fully versed in working remotely across multiple time zones. Thus we will maintain the operational standards and the high-quality customer service you have come to expect.
According to Experian's latest Global Identity and Fraud Report, 95% of businesses have “high confidence in their ability to identify and re-recognize their customers at every interaction.” Yet at the same time, 57% of businesses surveyed reported higher losses associated with account opening and account takeover fraud.
Around the globe, faster payments are becoming the norm. Peer-to-peer (P2P) payment systems, like Zelle, allow users to make instant payments using email or their mobile phone. While the convenience of a real-time digital payment network is undeniable, the inherent fraud risks must be acknowledged.
When choosing an approach to fraud detection, many organizations are struggling with the most effective path to take. According to Gartner’s Predicts 2020: Identity and Access Management1 (Gartner subscription required), “a broad spectrum of capabilities is required to create an effective payment fraud prevention strategy for digital B2C channels, including malware and bot detection, device identification, behavioral analytics and transaction monitoring.”
A Look Back at Digital Fraud During 2019
Year after year, digital fraud continues to rise. Unfortunately, 2019 was no different. As the age of digital transformation takes hold, cybercriminals are continuously finding new ways to commit online fraud. In this blog, we look back at startling digital fraud figures from 2019.