Synthetic identity fraud is quickly becoming a devastating source of fraud losses. In 2015, it cost the credit card market $580 million. By 2019, that total is projected to soar to over $1 billion in losses.
Traditional fraud prevention technology has some glaring blind spots, and fraudsters know full well how to exploit them.
Last month Apple revealed a cool feature in iOS 12 security: the device will scan incoming SMS messages for One Time Codes, used for 2FA, and then suggest those codes as an auto-fill function when relevant.
Traditional Fraud Detection Solutions Are Failing
BioCatch’s unparalleled approach to fraud detection goes beyond traditional tools to detect malware, robotic and aggregator activity, social engineering and other remote access threats, stopping cybercriminals in real-time.
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.