BioCatch called attention to the growing threat of new account fraud during a recent webinar with Aite Group Research Director Julie Conroy. Also referred to as application fraud, new account fraud describes fraud that is carried out through new accounts that are created with synthetic identities, many of which are generated with stolen personal information.…
The access management specialist BeyondTrust has issued a series of security predictions for the next five years. The company highlighted the threats facing enterprises and consumers, as well as the steps that cybersecurity providers will take to stop them leading up to 2025. Most notably, BeyondTrust suggests that people should pay more attention to the…
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FindBiometrics is reporting live from Las Vegas this week, where the biometrics and digital identity industries are converging on Money20/20 USA – the world’s preeminent financial services conference. On Monday, FindBiometrics President Peter O’Neill spoke with Frances Zelazny, Chief Strategy Officer of renowned behavioral biometrics specialist BioCatch. The live interview begins on the topic of…
Onfido’s document analysts have put together the company’s inaugural Global Fraud Index, which estimates that online identity fraud costs the economy a whopping $5 trillion every single year. Only one percent of that $5 trillion is ever recovered by authorities, making identity fraud one of the most pressing issues facing the financial industry. “Identity theft…
Parascript’s anti-fraud technology will now be available to South American banks thanks to a new partnership with Precodata, a company that provides printing and software solutions for financial organizations across the continent. The new deal specifically concerns Parascript’s SignatureXpert and CheckPlus International solutions, both of which will be offered to Precodata customers through the new…
NICE Actimize has added three more companies to its rapidly accelerating X-Sight Marketplace. The Marketplace was first unveiled back in July, and provides financial institutions with a roster of approved technology solutions that will reduce the threat of financial crime. After NICE Actimize’s latest announcement, that roster now includes Kingland, Daon, and Au10Tix. Au10Tix is…
Biometrics News – Behavioral Biometrics Featurespace has hired Dena Hamilton in an effort to improve its anti-fraud capabilities. Hamilton is signing on as the company’s new Fraud and Financial Crime market expert, and arrives with more than 20 years of experience in the field of financial crime prevention. Hamilton has particular expertise in software product…
BioCatch has added a slew of new features to its flagship behavioral biometrics platform. The new Policy Manager will help companies craft policy guidelines for specific situations, while the Case Manager will help security professionals investigate individual cases that require further review. The company will also be providing customers with much greater insight into…
A new LexisNexis Risk Solutions report on the retail market has concluded that fraud is getting worse, with fraud attempts tripling since 2017. The True Cost of Fraud report examined online and brick-and-mortar sellers, and concluded that merchants paid $3.13 for every dollar lost to fraud, a number that is up 6.5 percent from last…
The FIDO Alliance received considerable praise during last week’s House hearing on Identity in Financial Services. Speaking before the US House of Representatives Committee on Financial Services on behalf of the Better Identity Coalition, Venable LLP’s Jeremy Grant identified three main challenges facing modern financial institutions, and argued that FIDO standards offer potential solutions to…
The identity verification company HooYu is the latest addition to NICE Actimize’s X-Sight Marketplace. The X-Sight Marketplace offers a collection of solutions for financial institutions looking to reduce the threat of financial crime. To that end, HooYu Identify uses facial recognition tech to match a live face against the picture on an official identity document.…
“HSBC will apply the ARIC platform to fight fraud specifically in the areas of insurance and retail…” HSBC has become the latest financial services organization to adopt Featurespace‘s behavioral biometrics-driven anti-fraud technology. Featurespace only just announced its Adaptive Behavioral Biometrics solution this past June. Part of the company’s ARIC anti-fraud platform, the technology is designed…
“We have many customers in common which benefit from the frictionless, deep and continual authentication the BehavioSec solution provides.” – Neil Costigan, CEO, BehavioSec Another leading provider of biometric authentication technology has joined the NICE Actimize X-Sight Marketplace: behavioral biometrics specialist BehavioSec. Launched this past July, the X-Sight Marketplace is a curated FinTech security solutions…
BioCatch is once again highlighting the advantages of behavioral biometrics in a new blog post that details two case studies in which the BioCatch platform was used to stop more complex forms of fraud. In the post, the company notes that many anti-fraud solutions protect a single access point, either with a password or a…
BehavioSec has updated its behavioral biometrics platform ahead of the European Union’s upcoming PSD2 compliance deadline. Version 5.1 of the platform offers better mouse recognition and anomaly detection, in addition to other accuracy and authentication upgrades. The upgraded platform also guards against fraud associated with new accounts. BehavioSec 5.1 will compare the behavior of a…
The online security specialist Buguroo is the latest addition to NICE Actimize’s rapidly expanding X-Sight Marketplace. The Marketplace was set up to offer approved products and solutions that will help reduce the threat of financial crime for providers of financial services. The listing of Buguroo comes only days after Facebanx was added to the X-Sight…
The US Federal Reserve System has released a new White Paper that calls attention to the growing threat of synthetic identity fraud. The paper defines a synthetic identity as one that combines false information – such as a fake name or date of birth – with legitimate information like a social security number that has…
Singapore’s Group-IB has been listed as a Representative Vendor in Gartner’s 2019 Market Guide for Online Fraud Detection. The cybersecurity specialist was specifically recognized for its Secure Bank/Secure Portal platform, which has been deployed by a number of different banks and online retailers who collectively serve more than 70 million customers. Secure Bank/Secure Portal is…
Goode Intelligence has published a new White Paper that highlights the importance of secure digital identity verification. Titled “The Digital Identity Problem – Solving the issue of trust,” the free paper suggests that reliable verification is essential because enterprises need to know the identities of their customers in order to safely do business with those…