GIACT® Infographic: Growing Exposure to Identity Fraud Increases Financial Risk for Every Business and its Customers

DALLAS, Jan. 8, 2019 /PRNewswire/ -- GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the publication of a new infographic, Growing Exposure to Identity Fraud Increases Financial Risk for Every Business and its Customers. The infographic highlights identity fraud trends impacting peer-to-peer (P2P) mobile payment channels.

Click here to download the infographic

In 2017, over 16.7 million U.S. consumers fell victim to identity fraud, up 8% from the prior year, putting FIs, P2P payment processors and their customers at serious risk¹.  Given the amount of personally identifiable information (PII) available, fraudulent actors are migrating to popular, convenient faster payment channels. P2P, with its over 29.4 million transactions in Q2 2018 alone, up 24.1% from the year prior, is at particular risk².  

"P2P and mobile channels makeup the ideal breeding ground for fraud, given the increasing volume of transactions taking place and because the technology is relatively new," said David Barnhardt, EVP of Product at GIACT. "At GIACT, we believe that good fraud protection begins at enrollment and continues, on an ongoing basis, throughout the customer and payment lifecycle."

In addition to highlighting the latest fraud trends impacting P2P and mobile transactions, the infographic details best practices for preventing identity-based payment fraud. Best practices urge FIs and P2P processors to proactively interdict bad actors; conceal screening; tap into social media, smartphone use and other non-traditional data sources; and apply real-time processing with up-to-date data.

"Whenever banks introduce a new payment method, fraudsters immediately go on the attack," said Al Pascual, SVP of Research and Head of Fraud & Security at Javelin Strategy & Research. "P2P payments in particular is an incredibly attractive avenue for ripping off consumers and banks are rightfully concerned."

About GIACT  
GIACT® has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we've processed billions of transactions for our more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409.  Follow us on LinkedIn and Twitter.

Citations

1. Javelin Strategy & Research, Identity Fraud Study, 2018
2. NACHA The Electronic Payments Association July 25, 2018 press release

SOURCE GIACT