![]() It minimizes complexity & overheadĪn aggregated data validation service removes complexity and costs by connecting to a wide range of sources - through a single API. If the data doesn’t align, you can challenge the user with step-up authentication, identity verification or deny access completely. ![]() You’ll instantly know if the identity truly exists and is linked to the individual’s data and device. How does data validation reduce fraud? Automated data verification and background checks spot mismatched, untrusted, stolen or blacklisted identity data to prevent bad actors from opening fraudulent accounts. Faced with this reality, companies risk being an easy target if they don’t use some form of identity proofing. In many cases, they’re using highly evasive registration bots, which contribute to the growing volume of new account fraud. In a recent play-on-demand webinar, a Transmit Security threat researcher gives an actual tour of a dark web marketplace where threat actors are selling social security numbers (SSNs) paired with personal data, even valid IDs. They simply enroll with synthetic or stolen identities, which can be purchased online. Without this security measure, bad actors can easily create fraudulent accounts, open new lines of credit, purchase goods with stolen credit card data or conduct other schemes. Data validation prevents fraudīy assessing the user’s claimed identity in a fraction of a second, data validation stops fraud before it starts. In this blog, we’ll tell you how, covering 5 ways data validation helps you reach the ultimate KPI: increased profits. ![]() You’ll also meet strategic and operational key performance indicators (KPIs) by reducing fraud, overhead costs and complexity. There’s no photo ID or selfie required, and the process is fully automated.įrictionless data validation does nothing to disrupt legitimate customers, so it’s one of the easiest ways to improve metrics related to customer acquisitions, customer satisfaction and retention. Customers follow a typical registration flow, entering their data to establish trust. The good news: a significant percentage of new account fraud can be prevented with data validation, a form of passive identity proofing that instantly determines if the information users provide is accurate and authentic. A major factor is the rise of account opening fraud, up 109% YoY, according to a 2022 fraud report by Javelin. This cost includes losses across digital and physical goods, money transfers and banking. A report from Juniper Research projects online payment fraud will exceed $343 billion globally between 20. Preventing fraud is exactly that, and if done right, it’s an ideal strategy for businesses to cut their financial losses and attract more customers. ![]() With a sluggish US economy, rising just 1.1% last quarter, global companies are looking for new ways to increase profitability - areas within their control. ![]()
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