WDBO’s Katrina Scales with CEO Bryan Lewis on Florida’s record-setting identity theft problems

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WTVM-TV Explores Georgia’s Nation-leading Identity Theft Incidents with CEO Bryan Lewis 

December 14, 2020 

CEO Bryan Lewis urges businesses to step up authentication
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December 4, 2020

In the automotive industry, single instances of fraud can amount to tens of thousands of dollars in losses even if the car is recovered. That said, the best way to minimize fraud losses is to prevent fraud from occurring in the first place.

To do this, businesses and dealerships must take preventative measures to combat both in-person and online fraud. Here is a checklist to help you catch fraud before it’s too late and save money:

MELVILLE, NEW YORK – December 3, 2020 – With the holiday shopping season in high gear and COVID-19 cases continuing to skyrocket

With the demand for automotive sales moving from in-person to online, the need for fraud prevention methods is also increasing. In fact, according to a recent study by GIACT, 85% of car shoppers are more likely to buy from particular dealerships that will allow them to start or complete nearly all of their vehicle purchases online.

Due to this massive shift to online purchasing, a wide range of opportunities have opened up for fraudsters to steal from automotive dealers.  Fraud in the automotive industry can be as easy as a few credit card scams.

Fraud in the automotive industry can cost dealerships hundreds of thousands of dollars. Unfortunately for these dealerships, automotive lenders are now trying to make the dealerships shoulder the responsibility for fraud related losses, which leaves dealerships to absorb the detrimental costs. 

In many automotive fraud cases, fraudsters will submit fraudulent documents that help them receive a higher credit limit at a lower interest rate. They may also plan to steal a vehicle without any intent to make payments at all. In these instances, fraudsters may pose as a strong applicant with a solid credit history with their sole goal being to drive the vehicle off the lot. Once the vehicle has left the dealership then the likelihood of recovering the losses is far lower. 

Some of the most commonly forged documents dealerships need to watch out for include fake IDs, true name fraud, misrepresented income, and stacked loans. Getting to know these forms of fraud can help prevent them and save the dealership money.

MELVILLE, NEW YORK –November 23, 2020 – Intellicheck, Inc. (Nasdaq: IDN), a trusted industry leader in identity authentication solutions, announced today that CEO Bryan Lewis and COO and CFO Bill White will be the presenters at Tribe Public's Presentation and Q&A Webinar

Many fraudsters have an easier time bypassing online fraud prevention measures than in-person. The demand for purchasing things online has increased more and more each year, especially for automotive retail. 

In fact, according to the Cox Automotive Future of Digital Retail study, 85% of shoppers are more likely to buy from a particular dealership that allows for them to start or complete nearly all of the vehicle purchase online. 

As dealerships adjust to the demand in the market, they need to be aware of the two major forms of fraud: true name fraud and synthetic identity fraud.

These forms of fraud are becoming increasingly more common, making it no longer effective to simply check a credit score to verify identities. So while trying to keep up with demands it is important to stay educated on the risks.

Mobile identity verification is not new technology, but the lockdown has made a viable verification system more critical than ever. With so many customers conducting their banking from mobile devices, the risk of application fraud has never been higher. 

Fraudsters can use personal information to open a bank account under someone else’s name or use synthetic identities to pose as first-time customers.

An up-to-date mobile identity verification process ensures that the customer being served is who they say they are and that your bank can catch synthetic identities before they become fraud.

It is high time for businesses such as banks and large retailers to invest in and integrate fraud technology into their existing infrastructure. The COVID-19 pandemic has forced businesses to shift to remote operations and working environments. However, this comes at a hefty cost considering every dollar of fraud now costs a U.S. business $3.36. 

Since the shift to a remote environment, fraud has increased by 7% due to the lack of barriers and preventive measures in online environments. To keep it simple – fraud can be detrimental to your business resulting in thousands of dollars (if not more) in lost revenue. Therefore, your business must deploy solutions to catch fraud before it can cost your business.

Fraud risk is the likelihood of an organization or business being subject to fraudulent activity. Banks and retailers use several methods to prevent fraudulent activities. To mitigate any fraud risks and be AML compliant, you need a fraud prevention team to stop cybercriminals from accessing your system and data. This fraud prevention team is responsible for vetting all processes to ensure no internal leaks or external threats can hurt your organization. 

That said – there are modern and unique fraud risk management solutions that every financial institution and retailer should have in place.

WLS-TV Chicago’s Jason Knowles investigates identity theft and fraud with CEO Bryan Lewis

WLS-TV

Chargebacks occur when a buyer requests a reversal of a credit card payment that is issued from the bank. This was created as a way to protect consumers from merchant scams but has since evolved into a way for individuals to commit what is commonly known as “friendly fraud.”

Friendly fraud occurs when a consumer abuses the chargeback process put in place to protect them. This is often caused by an individual claiming legitimate purchases are fraudulent and stealing the product they were given. Once a chargeback has been issued, your chargeback merchant rights become relatively limited. That said, it is important to ensure you are protected by employing chargeback insurance. 

There are several components to consider when it comes to choosing the right chargeback insurance for you. Here’s what you need to know:

Commercial businesses are always vulnerable to break-ins and thefts. However, some sectors, such as retailers, are more susceptible to less obvious forms of theft, such as credit card chargeback fraud. 

Chargeback, also known as “friendly fraud,” occurs when a cardholder disputes a financial transaction and gets the payment reversed by their bank instead of contacting the merchant for a refund. These reversals usually involve customers abusing the chargeback facility to commit fraud. 

Obviously, not all chargeback claims are fraudulent; however, the percentage of chargeback frauds is growing exponentially every year.

It’s no surprise that society is shifting from in-person activities to online transactions. Especially given the impact of the COVID-19 pandemic changing the way we interact.

From retail shopping to school classes, every niche involving in-person activity has felt the impact of the COVID-19 pandemic. As businesses have adapted, the remote environment looks like it will be here to stay for a long time, even beyond the pandemic. While this shift has been convenient for businesses that are easily able to shift to a “work from home” format, it has also ushered in its own sets of challenges for banks and financial institutions looking to prevent fraud activity, such as “person not present” fraud. 

MELVILLE, NY – November 4, 2020 -- Intellicheck, Inc. (Nasdaq: IDN), an industry leader in identification authentication solutions, today announced its financial results for the third quarter ended September 30, 2020.

KSLA-TV talked to CEO Bryan Lewis about identity theft and fraud and avoiding becoming a victim.

 
KSLA-TV