News from the frontline of the digital fraud fight is mixed. A recent report found the number of data breaches dropped by 40 percent in Q1 2018. While that’s a positive development, more than 1.4 billion consumer records were exposed on the black market over the past year — meaning the damage from the breaches has already been done.
With so much vulnerable data, companies are realizing the benefits of working together to fight fraud — and of going directly to data sources to authenticate consumer information.
In the June Digital Identity Tracker™, PYMNTS showcases how different companies are partnering to fight fraud and how some data solutions more quickly respond to fraud-related events.
Notable Digital ID News
Many companies are partnering to protect their operations and the personal data they handle from bad actors.
In one such partnership, wine and spirits retailers Total Wine & More recently announced a collaboration with Forter, a provider of fraud prevention solutions, to help guard against credit and debit card fraud. Forter’s fraud software uses keystroke detection and monitoring, and will be used to monitor such actions on the Total Wine & More eCommerce site.
Meanwhile in the financial sector, a group of Korean banks are pursuing a new identity verification solution. The Korea Federation of Banks recently unveiled the system known as BankSign, designed to serve as a blockchain-based authentication service for commercial banks.
Other companies are making acquisition part of their fraud-fighting arsenal. Consumer credit reporting agency TransUnion, for one, recently agreed to purchase device-based information provider iovation. The purchase aims to enable customers to incorporate and adapt strategies to quickly identify and respond to fraud patterns.
Deep Dive: Biometrics Take Flight
In addition to the financial services sector, the transportation market is stepping up its efforts to authenticate airline travelers. As the volume of global travelers increases, this influx may overwhelm airports’ abilities to process passengers through customs checkpoints quickly and efficiently. This month’s Tracker includes a Deep Dive on how biometrics are positioned to play a greater role at airports to streamline flight check-ins, passenger processing and security screenings.
Mapping Data To Guide Smarter Real Estate Lending
Airports aren’t the only places where screening can cause delays. In the real estate market, problems with authenticating borrower information can slow down the process for getting a loan approved. That’s why some lending firms, such as Quicken Loans, are using data mapping services to go directly to the source of consumer data. For the June feature story, Bill Banfield, Quicken Loans’ EVP of Capital Markets, discusses how these tools, and the push for an anti-fraud culture, combine to help identify broader patterns and cut out layers of real estate-related paperwork.
To read the full story, download this month’s Digital Identity Tracker.
About The Tracker
The Digital Identity Tracker™, produced in collaboration with Jumio, is a forum for framing and addressing key issues and trends, facing the entities charged with efficiently and securely identifying and granting permission to individuals to access, purchase, transact or otherwise confirm their identities.