BioCatch has just released “Vanity”, the latest short video in our series “The Human Side of Fraud”.
The potential monetary losses and the myriad of technologies and products available to help address Account Opening Fraud are well-documented. It’s common knowledge that there’s a treasure-trove of stolen Personally Identifiable Information (PII) for sale on the dark web, which can be applied in countless criminal schemes. Financial institutions understand the magnitude of the problem, their fiduciary duties to stake holders, and compliance responsibilities.
But when technical solutions are complex, when victims are counted by tens of millions, and when losses are tallied by billions of dollars; it’s understandable for risk and compliance managers, fraud practitioners, vendors, and regulators to lose sight of the humans entangled in these transactions.
A small group of BioCatch employees hatched the concept for this series from a simple idea… that the results of the work we and our customers do means a whole lot more than revenue or ROI. Fraud profoundly effects people: most of whom know little about it, what to do about it, or how to recover from it.
So, what are the take-aways from “Vanity” when it comes to Identity Theft and Account Opening Fraud? Simply put… Cybercriminals are audacious and callous. Victims are often disorientated and disheartened.
The good news is that, together, we can do something about it.