ID fraud is now one of the fastest-growing crimes on the planet that has substantial financial losses on a growing number of private business, Gemalto, a digital security company has warned.
Jean-Claude Perrin, Vice President of Strategy and Marketing at Gemalto says the tech security company is now is offering private sector enterprises such as banks and mobile operators identity fraud protection and flexible ID Verification solution, to combat the growing problem.
“ID fraud is one of the fastest growing crimes on the planet and there is a direct impact on the private sector with substantial financial losses. Fifty-four percent of data breaches in 2014 related to identity theft, 17 percent aimed at financial access and 11 percent sought account access,” the company’s Vice President of Strategy and Marketing says.
Gemalto says it is now offering tools and services for swift verification of customer credentials when opening new accounts and subscriptions in-branch or online, reducing financial losses and the negative impact on brand reputation caused by identity fraud.
It also helps financial Institutions enhance their Know Your Customer (KYC) procedures, in line with the latest regulations, such as Anti-Money Laundering Directive (AMLD4), Gemalto says.
“Gemalto is recognized as the world’s leading provider of secure identity documents for governments, with a document template database covering 170 countries which is a key element of our ID Verification offers. The private sector can leverage our unrivalled experience to protect corporate finances and reputations, without compromising the customer enrolment experience”, according to Perrin.[quote font=”georgia” font_size=”22″ align=”right” bgcolor=”#” color=”#” bcolor=”#” arrow=”yes”]”ID fraud is one of the fastest growing crimes on the planet and there is a direct impact on the private sector with substantial financial losses. Fifty-four percent of data breaches in 2014 related to identity theft, 17 percent aimed at financial access and 11 percent sought account access.”[/quote]
According to him, ID Verification protects enterprises against the threat of fraudsters opening bank accounts or acquiring subsidized mobile phones, for example, and provides a firm foundation from which to launch innovative new services.
According to him, “it can be integrated easily with existing infrastructures and is available as a platform, or in Software as a Service (SaaS) mode to minimize initial investment requirements. ID Verification is also highly scalable, facilitating future-proof growth and evolution in line with individual fraud prevention and business development strategies.”