Identity fraud

Identity Fraud Cost Nearly Half a Million US Dollars to Every Third Bank Last Year, Says Regula Global Survey

Retrieved on: 
Wednesday, March 29, 2023

A global survey conducted by Regula from December 2022–January 2023 has revealed that the impact of identity fraud varies for organizations in the Financial Services industry.

Key Points: 
  • A global survey conducted by Regula from December 2022–January 2023 has revealed that the impact of identity fraud varies for organizations in the Financial Services industry.
  • The results indicate a significant gap in the cost of identity fraud between Banking and FinTech organizations around the world.
  • In fact, for 31% of banking organizations, the cost of such incidents was nearly half a million dollars, at $479,000 and more.
  • On the other hand, the same indicator of the median cost of fraud for FinTech organizations was considerably lower, at around $120,000.

Fraud Rings Continue to Rise as Cybercriminals Adopt 24/7 Global Attack Model, Reveals Onfido's 2023 Fraud Report

Retrieved on: 
Thursday, December 8, 2022

It is estimated that the current global financial cost of fraud is $5.38 trillion (4.37 trillion), which is 6.4% of the world's GDP.

Key Points: 
  • It is estimated that the current global financial cost of fraud is $5.38 trillion (4.37 trillion), which is 6.4% of the world's GDP.
  • With most fraud now happening online ( 80% of reported fraud is cyber-enabled), Onfidos Identity Fraud Report uncovers patterns of fraudster behavior, attack techniques, and emerging tactics.
  • This hyperconnectivity means there are no more 'business hours' for fraudsters and sophisticated fraud rings they will scam and defraud 24/7.
  • Register for the 2023 Fraud Report webinar with Interpol and Onfido in your local time zone:

DriveItAway Holdings, Inc. Partners with InsurTech DigiSure in its ‘EVs for Everyone’ Mission

Retrieved on: 
Wednesday, November 9, 2022

PHILADELPHIA, Nov. 09, 2022 (GLOBE NEWSWIRE) --

Key Points: 
  • The DriveItAway program allows for an unlimited test drive with the option to purchase available at any time with money paid in going towards the purchase price.
  • The partnership gives DriveItAway the confidence to add subscribers without increasing the risk of theft or other losses.
  • With DriveItAway, EVs for Everyone is not just jargon, its our company mission.
  • We are proud to help DriveItAway proactively manage their risk as they expand their dealer partnerships and locations, said Mike Shim, CEO of DigiSure.

Prove Announces the Launch of Prove Auth™ to Deliver Next-Generation Passwordless Identity Authentication

Retrieved on: 
Monday, October 24, 2022

Prove Identity, Inc. (Prove), the leader in digital identity, today announced the launch of Prove Auth, a next-generation solution for passwordless login and omnichannel authentication.

Key Points: 
  • Prove Identity, Inc. (Prove), the leader in digital identity, today announced the launch of Prove Auth, a next-generation solution for passwordless login and omnichannel authentication.
  • Prove Auth is powered by Pinnacle, Prove's identity platform which manages identity tokens for 90% of the US adult population and is rapidly expanding globally.
  • Prove's identity tokens enable passive authentication with unparalleled accuracy versus legacy methods that are probabilistic and cumbersome.
  • With the launch of Prove Auth, Prove can now effectively provide its clients a frictionless and secure end-to-end digital customer journey when paired with Proves industry-leading identity verification and identity management solutions.

Nearly 1-in-5 U.S. Workers Contacted About a Suspicious Job Opportunity as Scammers Capitalize on Remote Work

Retrieved on: 
Monday, September 26, 2022

Among these adults, workers ages 18-34 were the most targeted for remote job scams.1

Key Points: 
  • Among these adults, workers ages 18-34 were the most targeted for remote job scams.1
    The findings come as bad actors take advantage of increasing numbers of remote job listings.
  • A job seeker can be offered a position on the spot and asked to pay for work-related supplies upfront.
  • Its a trend we predicted in an Identity Fraud in Focus report published earlier this year.
  • Signs of identity theft require fast action," says Brian Stuart, director of customer care at Allstate Identity Protection.

Equifax, Experian and TransUnion Extend Free Weekly Credit Reports in the U.S. Through 2023

Retrieved on: 
Friday, September 23, 2022

The three nationwide credit reporting agencies Equifax (NYSE:EFX), Experian (LON:EXPN) and TransUnion (NYSE:TRU) are taking joint action to continue offering free weekly credit reports to consumers in the United States through the end of 2023.

Key Points: 
  • The three nationwide credit reporting agencies Equifax (NYSE:EFX), Experian (LON:EXPN) and TransUnion (NYSE:TRU) are taking joint action to continue offering free weekly credit reports to consumers in the United States through the end of 2023.
  • View the full release here: https://www.businesswire.com/news/home/20220923005030/en/
    The companies' CEOs provided a joint statement on the decision to extend free weekly credit reports through 2023.
  • Consumer credit reports are a factual record of credit activity and payment history used by lenders, creditors, service providers and other businesses to extend financial opportunities and other offers to people.
  • Consumers can access their free weekly credit reports from each of the three credit reporting agencies at www.annualcreditreport.com .

Equifax, Experian and TransUnion Extend Free Weekly Credit Reports in the U.S. Through 2023

Retrieved on: 
Friday, September 23, 2022

ATLANTA and COSTA MESA, Calif. and CHICAGO, Sept. 23, 2022 /PRNewswire/ -- The three nationwide credit reporting agencies – Equifax® (NYSE:EFX), Experian (LON:EXPN) and TransUnion (NYSE:TRU) – are taking joint action to continue offering free weekly credit reports to consumers in the United States through the end of 2023. This benefit will help consumers manage their financial health during a period of rising inflation and unprecedented economic uncertainty coming out of the COVID-19 pandemic.

Key Points: 
  • The companies' CEOs provided a joint statement on the decision to extend free weekly credit reports through 2023.
  • Credit reports play an important role in financial health, and providing weekly reports for consumers at no charge is another way that we can support financial education and stability for people across the U.S. at this critical time."
  • Consumer credit reports are a factual record of credit activity and payment history used by lenders, creditors, service providers and other businesses to extend financial opportunities and other offers to people.
  • Consumers can access their free weekly credit reports from each of the three credit reporting agencies at www.annualcreditreport.com .

Equifax, Experian and TransUnion Extend Free Weekly Credit Reports in the U.S. Through 2023

Retrieved on: 
Friday, September 23, 2022

The companies' CEOs provided a joint statement on the decision to extend free weekly credit reports through 2023.

Key Points: 
  • The companies' CEOs provided a joint statement on the decision to extend free weekly credit reports through 2023.
  • Credit reports play an important role in financial health, and providing weekly reports for consumers at no charge is another way that we can support financial education and stability for people across the U.S. at this critical time.
  • Consumer credit reports are a factual record of credit activity and payment history used by lenders, creditors, service providers and other businesses to extend financial opportunities and other offers to people.
  • Consumers can access their free weekly credit reports from each of the three credit reporting agencies at www.annualcreditreport.com .

Equifax Completes Acquisition of Midigator

Retrieved on: 
Friday, August 26, 2022

ATLANTA, Aug. 26, 2022 /PRNewswire/ -- Equifax® (NYSE: EFX) announced today that it has completed the acquisition of Midigator LLC, a provider of post-transaction fraud mitigation solutions. The definitive agreement to acquire Midigator was announced on July 26, 2022. With this acquisition, Equifax further expands the company's global footprint in digital identity and fraud prevention solutions.

Key Points: 
  • ATLANTA, Aug. 26, 2022 /PRNewswire/ -- Equifax (NYSE: EFX) announced today that it has completed the acquisition of Midigator LLC , a provider of post-transaction fraud mitigation solutions.
  • With this acquisition, Equifax further expands the company's global footprint in digital identity and fraud prevention solutions.
  • "Equifax is poised to broaden our digital identity footprint in a fast growing space," said Mark W. Begor, CEO of Equifax.
  • Midigator, an Equifax company, is now part of the Equifax USIS business unit.

Equifax Announces Definitive Agreement to Acquire Midigator

Retrieved on: 
Tuesday, July 26, 2022

ATLANTA, July 26, 2022 (GLOBE NEWSWIRE) -- Equifax (NYSE: EFX) is expanding its global footprint in digital identity and fraud prevention with a definitive agreement to acquire Midigator , a provider of post-transaction fraud mitigation solutions.

Key Points: 
  • ATLANTA, July 26, 2022 (GLOBE NEWSWIRE) -- Equifax (NYSE: EFX) is expanding its global footprint in digital identity and fraud prevention with a definitive agreement to acquire Midigator , a provider of post-transaction fraud mitigation solutions.
  • With our Equifax Cloud driven data & analytics capabilities and the powerful combination of Midigator and our Kount Identity & Fraud solutions, Equifax is poised to capitalize on new revenue streams and relationships, broadening our digital identity footprint in a fast growing space.
  • Once the transaction closes, Midigator will become part of the Equifax USIS business unit.
  • Midigator provides an effective and efficient alternative approach to the manual processes typically used to manage chargeback disputes: intelligent chargeback technology.