The World is Moving… and Fast.
As the modern world races through different technologies, the world of banking and finance is changing beyond recognition. People can bank on the move and shop virtually. Customers can send funds from one side of the world to another in a mere moment. Identity verification and authentication becomes more important than ever with the increasing number of devices.
So-called digital only ‘challenger banks’, aided by relaxed rules in the UK, have been on the rise, using the newest technologies to provide faster, simpler, more interactive services for clients. However, with new tools comes new attempts at fraud, with many finding new ways to take advantage of still-developing systems.
Massive Financial Losses due to Increased Fraud.
In the first half of last year alone, an estimated 4.1 billion records were exposed. Of those, a whopping 71% of breaches were financially motivated. This issue has taken countries by storm. When it comes to identity fraud, the UK in particular is fraught with identify fraud. With an estimated 83% of frauds committed online, UK merchants have seen a large increase in financial attacks. Thus, banking and finance has become a prime digital target. Even as banks must provide better customer experiences, continuously identity verification and authentication becomes vital to keep up with rising numbers of fraud.
Streamlined systems – Unifying Identity Verification.
A representative of Fraud.net sat down with FinCrime Report to discuss how the company maintains a constant development of new technologies while simultaneously keeping up with new methods of fraud. To develop quickly, Fraud.net relies on data architecture, identity verification, and a continuous evolving set of fraud detection algorithms.
A spokesperson for Fraud.net says “Only a consolidated view that can be delivered in real-time is acceptable to counter ever-changing fraud vectors.”
Fraud.net is a cloud-based fraud detection system, combining data together from different sources in to one view is the key to combating fraud.