While Account Takeover Fraud escalates to an ultimate high, consumers are helplessly left to repair the unfortunate preventable damage caused to their credit - essentially, the keys to financial freedom. Cybercriminals are relentless and will continue to amass exorbitant amounts of credentials, stopping at nothing.
With Identity Intelligence providing meaningful and actionable intelligence ultimately resulting in cyber attribution - FIs can uncover the bad actors behind this epidemic. AI and ML capabilities coupled with attribution will lead the effort in bringing this financial mess to a screeching halt. Enough is enough.
The threat of a data breach is now an ever-present part of life for customers and the banks that serve them. A reported 3,813 data breaches across a number of industries — collectively exposing 4.1 billion customer records — occurred in the first six months of 2019, for example. This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 billion stolen credentials. Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers.