The identity theft threat created by the Equifax hack and the growth of online lending have given software makers a platform to pitch products that rely on selfies, scans of driver’s licenses and other nontraditional ID methods.
The breach may result in a huge new dump of names, addresses, Social Security numbers and other personal information that fraudsters can leverage to gain access to a legitimate user’s account, writes Jason Tan, CEO of Sift Science.
One-time passcodes or more complex passwords are not enough, and add friction and potential frustration for the user. The solution is mobile identity authentication, writes Randy Vanderhoof, executive director of the Secure Technology Alliance.
As U.S. counterfeit card fraud declines with the advance of EMV, researchers say fraudsters seeking richer ground are reviving a familiar card scam based on creating fake credentials, known for many years as synthetic identity fraud.