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.
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.
In 2017, a record-breaking 16.7 million consumers experienced fraud or identity theft. And fraud rates are only continuing to rise, according to the latest Javelin report, 2018 Identity Fraud: Fraud Enters a New Era of Complexity. In particular, account takeover attacks, one of the biggest sources of fraud for businesses, saw exponential upward growth. Last year, instances of account takeover fraud hit a record high, nearly tripling over 12 months.
Identity, biometrics, and authentication took center stage at the world's largest payments & financial services innovation event
This blog post is excerpted from a white paper, entitled “Deconstructing the Cyber-Psychology Behind Behavioral Biometrics”. To access the full paper, click here.