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Digital identity fraud is the unauthorized use of someone else’s personal details or credentials to commit fraudulent activities or access accounts. In action, digital identity fraud can look like phishing, ransomware, social engineering, credential stuffing, payment card fraud, account takeover and more.
Digital identity fraud can’t always be (and generally isn’t) stopped at the door of a traditional security perimeter – that’s why identity is central to an effective fraud prevention strategy.
Safeguard your organization from fraud with expert-driven insights. Download our free eBook to learn more about enhancing your fraud prevention strategy with identity.
Americans lost $43B to fraud in 2023, including $20B lost to modern identity fraud scams.
By bringing identity to the center of your fraud prevention strategy, you can minimize the impact of breaches and reduce the risk of fraudulent activities.
Javelin Strategy & Research, 2023
How is your Financial Services organization — belonging to the most highly targeted industry for digital identity fraud — prepared to protect customers from a barrage of advanced cybersecurity threats?
eMarketer, 2024
Identity Theft Resource Center, 2024
Instances of fraud devastate trust-based customer relationships in the financial sector. A robust fraud prevention strategy fosters confidence among consumers, supports long-term, trust-based relationships, and strengthens customer loyalty.
Compliance is an essential consideration for every banking business, and non-compliance can result in significant fines and legal repercussions. Infrastructural changes that lend themselves to fraud-prevention also promote continuous compliance.
The financial, reputational, and legal risks associated with digital identity fraud are widespread. Fraud prevention measures can stop fraud before it happens and mitigate damages when it does.
Fraud is reputation-destroying in an industry where reputation is everything. It only takes one breach to undermine consumer trust, deter future business, and create a ripple effect that damages brand integrity long-term.
The best fraud-prevention strategies are built on digital identity. Digital identities inform the most well-balanced user experiences, marrying zero-trust security and personalized touchpoints for a banking experience that lives up to consumer expectations.
With 382,000+ members and $6.5B in assets, TDECU needed a strong zero-trust strategy to protect their members. Read TDECU’s case study to learn more about how they simplified their customer experience, improved their identity security, and fostered a mobile-first customer culture.
