Companies have their eyes set on delivering marketing-leading digital experiences, but one major obstacle remains in the way — authentication.
Digital transformation has taken its hold in payments, banking, commerce, and beyond. But both the rapid transformation of processes and the rate of consumer adoption present significant challenges for businesses. One of the biggest questions of our day is how do you verify customer identity in a way that prevents cybercrime without disrupting the user journey?
By impersonating trusted officials, like customer service representatives at a bank, social engineers con unsuspecting victims out of millions of dollars every year. Vishing is surprisingly easy to fall for, catching even the most careful individuals off-guard. Well-crafted schemes carry all the signs of legitimacy, right down to the correct phone number of a victim’s personal bank.
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.
As the insurance industry continues to digitize, companies are facing new threats from fraudsters looking to make a profit by stealing insurance benefits or entitlements. Today’s cyber criminals are using stolen/synthetic identities to obtain fraudulent policy applications, take over legitimate accounts to make false claims, or change payee information to receive insurance funds. Online insurance fraud of this kind results in an annual cost of approximately $40 billion, costing the average American family $400-$700 in increased premiums.