Report: GIACT® Finds Increased Risk for Financial Institutions, Businesses and Consumers as Identity Fraud Tactics Take New Forms

DALLAS, June 23, 2020 /PRNewswire/ -- GIACT^®, the leader in helping companies positively identify and authenticate customers, today announced a new report, The Changing Landscape of Identity Fraud: Fraudsters Strike Back, detailing five of the most urgent identity fraud trends. The fraud prevention specialists at GIACT developed the report using the latest analysis, reports and filings, to inform financial institutions, businesses and consumers about what challenges lay ahead.

Click here to download the white paper

GIACT's report includes developments in account takeover and new account fraud; fraud in faster payments (P2P); fraud's growing impact on consumers; as well as winning strategies to prevent identity-based fraud attacks.

"The combination of increasingly sophisticated fraud tactics coupled with more types of accounts and transactions moving online, many of them featuring weak authentication protections, has allowed fraud to flourish," said Melissa Townsley-Solis, co-founder and CEO at GIACT. "Recent events, including the Covid-19 pandemic, have served to accelerate these trends and attacks. That's why GIACT's mission today is more important than ever – businesses need to act fast to secure their platforms, reduce fraud, and protect their customers."

In addition to detailing the latest fraud trends, GIACT's report also identifies several ways in which businesses can implement stronger identity verification measures, including sourcing traditional as well as non-traditional data to validate identities; taking a proactive approach to manage the customer lifecycle; the use of out-of-band communication to verify customers; customer education and other approaches.

GIACT is one of the fastest growing providers of identity fraud solutions. GIACT is also the only financial technology provider that offers a complete set of enrollment, payment, identity, compliance and mobile solutions built on a single platform – the EPIC Platform^®.

To access the full white paper, click here.                      

About GIACT 
GIACT^® has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we've processed billions of transactions for our more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409.  Follow us on LinkedIn and Twitter.

SOURCE GIACT

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