In recent years, the global financial sector has experienced a significant surge in new types of fraud and cybercrime. Breaking it down to geographic regions, we see that these dynamics are influenced by a wide array of factors such as the political setting, financial practices, IT structures and the regulatory environment.
Our security walls aren’t as high as we think they are. There are holes, and cybercriminals know how to slip through them, undetected. Application fraud has become a number one problem for companies across all verticals. In 2016, more than 25% of identity theft fraud involved the use of stolen information to open new accounts.
The big booths were glitzy and crowded. One was even set up with a spaceship model overhead. Many had seating arranged for presentations and ongoing demonstrations. Coffee, candy, popcorn, all sorts of giveaways.
There’s no question about it, the future of banking and payments is mobile. But there’s a major barrier to mobile banking reaching its full potential.
Peer to Peer payments have been around since the early days of digital commerce, and mobile P2P passed the $120 billion mark last year. One in three American consumers use P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money.
I attended the K(NO)W Identity Conference last week, which has emerged in the last year as the premier event for the identity industry.