In the ongoing challenge to protect data and fight fraud, few organizations make the connection between data breaches and account takeover fraud.
According to Risk Based Security research, published in the 2019 Midyear Quickview Data Breach Report, the first six months of 2019 exposed an incredible 4.1 billion records through 3,800 publicly disclosed breaches.
Organizations are tasked and engaged with GDPR, KYC, AML and PSD2 compliance, but are not necessarily joining up the dots to be more efficient in their approach.
Account opening fraud needs to be tackled with preventative action. And data breaches must be curbed to reduce vulnerabilities and exposures, to protect the account opening process.
Technology is the key, and the very latest in biometric and digital identification is required. Given the paragon of communication that mobile has come to be, a mobile identity and verification solution is the key to success here. A tight, fraud-proof solution means a better onboarding experience, leading to higher retention rates and more satisfied customers.