Customer fraud protection products for banks and credit unions

The Cure for Corporate Account Takeover

Posted by Deborah Peace on Sep 12, 2018 9:30:00 AM


As Corporate Account Takeover swiftly rises (read Part 1 here), traditional protection strategies are not enough. Verifying all transactions between a financial institution and its business client through manual processes would be a daunting and practically impossible task, not to mention cost-prohibitive for most institutions. Today, multi-dimensional, preemptive strategies are critical to mitigating this growing threat.

However, one major question posed is where does the responsibility for online banking security lie?

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Topics: Account Takeover

Account Takeover in 2018: Traditional Protection Strategies Not Enough

Posted by Deborah Peace on Sep 5, 2018 9:30:00 AM


Last year, 16.7 million consumers were victims of identity fraud - up eight percent from the previous year and a new record high, according to Javelin Strategy & Research’s
2018 Identity Fraud Study. This translates to more than $16.8 billion stolen, with much of that from financial institutions.

Moreover, Account Takeover fraud grew significantly, tripling over the past year and reaching a four-year high. Javelin reported that total losses from Account Takeover reached $5.1 billion – a 120 percent increase from 2016. Deemed one of the most challenging fraud types for consumers, victims pay, on average, $290 and spend 16 hours to resolve it.

But consumers are not the only victims. Corporate Account Takeover is also on the rise.

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Topics: Account Takeover

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