Fraud remains a serious threat for all financial organizations and consumers. Whether the danger comes from inside or outside an organization, fraudulent activities can have a massive impact on financial firms beyond an immediate loss of income. An organization’s reputation can take a hit, and they can lose their customers’ trust in the company.
All organizations face the risk of fraud, especially when criminals are getting more sophisticated in developing tactics to infiltrate networks for illegal activities. The technology advancements designed for better managing financial tasks and transactions like digital banking and cloud-based solutions ironically paved the way to steal more easily and on a larger scale.
One type of fraud that’s been creating headlines recently is identity fraud. Conventional identity verification methods are useful, but they are not enough to prevent fraudulent identity threats. This infographic by Ipsidy emphasizes the importance of improving user identity verification to protect financial firms and their clients from fraud and cybercriminals.