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Tag : mobile ID verification

  • 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.

  • 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.

  • 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. 

  • There has been a massive shift in the global online presence, and financial institutions are no different. For example, let’s take banks; 57 percent of consumers prefer online banking over visiting a brick-and-mortar branch. 

    Some financial institutions believe that a simple credit check and a photo of a license is sufficient enough to warrant the issuance of a credit card or to open an account. It is far from the truth – as technology evolves, so do fraudsters and their tactics to bypass your security protocol. 

    Therefore, you should consider deploying innovative solutions, such as mobile face recognition, to strengthen your credit checks and virtual ID scans.