Optical Character Recognition (OCR) technology has revolutionized the way we interact with various types of documents. OCR converts scanned paper documents, PDF files or images captured by a digital camera into editable and searchable data. Here’s how it works: OCR technology functions by recognizing and translating printed or handwritten text characters into machine-encoded text. The…
Security solutions are more important today than ever, as cyberattacks are almost guaranteed without measures in place. Industries across the board, from financial services to healthcare, face an ever-growing threat of fraud and unauthorized access. To combat these risks, businesses are increasingly turning to risk-based authentication (RBA) as a versatile and robust solution. This post…
For online financial organizations, identity verification and eKYC solutions are essential for compliance. These solutions not only streamline customer onboarding processes but also play a crucial role in preventing fraud and ensuring compliance with regulatory requirements. Designing a robust eKYC system involves multiple factors to consider. This infographic provides valuable insights into the key considerations…
Financial fraud impacts individuals, businesses and the overall economy, eroding the trust that exists with our financial systems. As a result, there is a heavy responsibility on financial institutions to not only protect funds but also proactively detect and prevent fraud risks. Organizations are intensifying their efforts to fortify defenses against cybercrime. Fulfilling regulatory requirements…
In today’s digital landscape, businesses are increasingly vulnerable to fraud and abuse tactics, with duplicate account fraud emerging as a persistent challenge across various industries. From online gaming platforms and financial institutions to telcos and retailers, the challenge of managing multiple accounts opened by the same individual is becoming more complex as fraudsters exploit loopholes…
While using an ID document and a corroborating selfie for modern identity verification is becoming a widely accepted way to verify new customers, the bigger question remains: how do we verify all of our existing customers? It’s an important question and there are surprisingly few best practices published. What is Account Remediation? Account remediation is…
An enormous amount of sensitive information including Social Security numbers (SSNs) for millions of people could be in the hands of a hacking group after a data breach and may have been released on an online marketplace. Earlier this year the hacking group USDoD claimed it had allegedly stolen 2.9 billion records for citizens of…
Fraud analytics are critical in the battle against financial fraud for banks, financial institutions, insurance companies and more. Analytics tools provide data that allow businesses to detect and deter fraudulent activities, such as payment fraud, while monitoring activity and ensuring customer security. By staying proactive and employing fraud analytics, businesses can: Identify suspicious behavior Enable…
Identity fraud is a major concern for any company, particularly for those in the financial industry. One scam you need to guard against is synthetic identity fraud, a fast-growing type of identity theft that uses a combination of real and fake information. Sometimes known as Frankenstein IDs, criminals create these fake identities by stitching together…
If you’re confused by all the identity verification solutions on the market and how they’re different, you’re not alone. With everyone claiming to have the fastest and most accurate solution for helping you know and trust your customers, it can be hard to decide which one is really the best. The technical jargon makes it…