You wouldn’t hire a new employee without making sure they’re the right fit for the job, right? Just as employers thoroughly vet candidates, organizations across the financial services industry need to have a good read on their prospective clients before allowing them to open an account to mitigate fraud and money laundering risk. This is…
When implementing a fraud-prevention system, there are multiple approaches you can take. The most important step is to keep fraudsters off your platform in the first place. Using identity verification and authentication, you can ensure the person who’s onboarding or signing in to an existing account is who they say they are. But stopping identity…
There’s an alarming trend in organized crime rings that has the potential to defraud businesses of billions of dollars in the next few years. Because of rapid advances in technology, crime rings have discovered they can attack a series of businesses in rapid succession and walk away with huge amounts of money or create hundreds…
From car sharing services to short-term home rental services, the sharing economy is exploding. According to Industry Research, the sharing economy market is expected to grow at a CAGR of 32.01%, reaching $794 million by 2028. But the rise of the sharing economy has coincided with a rise in AI-generated deepfakes and other types of…
Jumio is on a mission to help credit unions fight fraud. Many credit unions are worried about implementing a new system that might disrupt their current members’ experience. At the same time, they know they have to take a proactive approach to fighting fraud, because waiting too long could jeopardize their brand and ultimately lose…
As businesses continue to expand their online offerings — and fraudsters become more and more sophisticated — it’s essential to be able to quickly and accurately establish the real-world identity of each person. According to the 2023 Gartner® Market Guide for Identity Verification, “The purpose of identity verification is to establish confidence in the identity…
Advanced technology has been transforming the healthcare industry for decades, and meaningful changes have been made in how patients receive care and communicate with care teams. But little attention was given to healthcare operations and data security, creating opportunities for fraud, data leaks and workflow inefficiencies. The latest in biometric security technology is changing that….
Halloween may be weeks away, but the ghosts are out early this year — ghost students, that is. Ghost students are bots created by fraudsters that take advantage of online college application systems in order to receive financial aid and grant money. Using stolen or synthetic identities, they apply at colleges, register for classes and…
From online casino games to sports betting and wagering apps, online gambling (gaming) is becoming increasingly popular throughout the U.S. and around the world. That’s why it’s more important than ever for gaming operators and players to understand responsible gaming and follow safer gambling practices to keep it fun and avoid harm. In honor of…
“Are you who you say you are?” This seemingly simple question, once reserved for the philosophical musings of great thinkers, has now found its way into the uncharted territories of the digital landscape. It’s no longer the scholars debating identity — it’s the online businesses desperate to discern the truth amidst the ever-looming threat of…