Cloud-Based Biometric Identity Proofing and Authentication Services for Mass Markets
Identity fraud: a trillion dollar problem
Some form of identity theft is at the heart of most financially-motivated fraud. A proliferation of personally identifiable information (PII) available through social media and other public sources is easily accessible to aspiring fraudsters, while the anonymity of Internet commerce and communication gives them plenty of cover. Illicit call centers troll for private identity data from unsuspecting consumers and untrained customer service agents. Identity fraud is increasingly committed by sophisticated criminal organizations operating beyond the reach of outdated laws that do not address such crimes. “Mega-breaches” resulting in theft of vast quantities of identity information occur with regularity; many we surely never hear about. Synthetic identity fraud, based on skillful creation of fictional identities, is a significant and fast-growing source of losses to fraud. In short, identity fraud and its derivative crimes cost banks, retailers, healthcare providers, governments, and ultimately consumers and taxpayers around the globe hundreds of billions of dollars every year, and this figure continues to grow.