A recent study revealed that more than 1 million children living in the U.S. fell victim to identity fraud in 2017, costing families $540 million.
New fraud statistics from Cifas revealed a drop in overall fraud reports even as online identity theft rises.
Credit card chip security has improved, but that hasn't stopped cybercriminals from using old-school methods such as mail interception to leverage chip-and-PIN technology for their own gain.
The Federal Trade Commission (FTC) received more identity theft reports from millennials in 2017 than they did from senior citizens, according to a recent report.
Increased EMV adoption is putting a dent in credit card fraud protection efforts, but cybercriminals continue to exploit security gaps in financial and retail organizations to steal card details.
In an age of limited physical interaction, organizations need a way to establish digital trust without compromising the user experience.
As cybercriminal tactics evolve, banks must employ fraud detection solutions that leverage artificial intelligence to evaluate new registrations for signs of money mule activity.
According to a recent report, the number of identity fraud victims rose by 8 percent to 16.7 million U.S. consumers in 2017, due in large part to a surge in account takeover attacks.
To defeat increasingly sophisticated fraudsters, security teams should pair their fraud detection tools with a device ID spoofing mechanism that automatically adapts to new threats.
New Year, New Account Fraud: Identity Theft May Be Holding Back Your Customer Experience Resolutions
Financial institutions looking to improve the customer experience in 2018 should implement multilayered security solutions to crack down on identity theft and detect new account fraud.