{"id":33844,"date":"2023-05-05T15:05:31","date_gmt":"2023-05-05T15:05:31","guid":{"rendered":"https:\/\/www.trulioo.com\/?page_id=33844"},"modified":"2023-07-31T18:20:59","modified_gmt":"2023-07-31T18:20:59","slug":"fraud","status":"publish","type":"page","link":"https:\/\/www.trulioo.com\/identity-verification-use-cases\/fraud-prevention\/fraud","title":{"rendered":"Fraud"},"content":{"rendered":"\n<div class=\"bg-green-500\">\n    <div class=\"section\">\n        <h1 class=\"h2 lg:h1 mt-[180px] mb-[100px] text-green-900\" >Fraud Prevention Technologies and Strategies to Protect Your Business<\/h1>\n            <\/div>\n<\/div>\n\n\n\n<div\n    class=\"section mb-16\"\n    x-data=\"{ current: 0 }\"\n>\n\t<article class=\"relative lg:grid lg:grid-cols-4 lg:gap-10\">\n\t\t<div class=\"mt-12 lg:mt-24\">\n\t\t\t<aside class=\"lg:sticky lg:top-24 lg:bg-white\">\n\t\t\t\t<p class=\"p-lg subheading text-black mb-10\">\n\t\t\t\tJump to:\t\t\t\t<\/p>\n\t\t\t\t                                                <a\n                                                        href=\"#about-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 0) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        About Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-is-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 1) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Is Fraud?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#the-common-types-of-online-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 2) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        The Common Types of Online Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#the-growing-threat-of-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 3) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        The Growing Threat of Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#strategies-to-prevent-online-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 4) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Strategies to Prevent Online Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#the-tools-and-technologies-help-prevent-online-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 5) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        The Tools and Technologies Help Prevent Online Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#a-holistic-approach-to-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 6) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        A Holistic Approach to Fraud                                                <\/a>\n                                        \t\t\t<\/aside>\n\t\t<\/div>\n                <div\n                    class=\"lg:col-span-3\"\n                    x-data=\"{ count: 7 }\"\n                    x-init=\"document.addEventListener('scrollspy:ready', function() {\n                        let debounce;\n\n                        register_scroller($el, function() {},\n                            function(scroller) {\n                                \/\/ Prevent slowdowns by debouncing to 50ms\n                                const now = performance.now();\n                                if (now - debounce < 50) return false;\n                                debounce = now;\n\n                                \/\/ Each scroll event, determine which section is nearest to the top of the viewport\n                                let closest = { value: 99999, index: 6 };\n                                for (let i = 0; i < 7; i++) {\n                                    \/\/ If the sticky anchor is visible, determine if it is closer than prior anchors\n                                    const rect = $refs['sticky_' + i].getBoundingClientRect();\n                                    if (rect.top &gt;= 0 &#038;&#038; closest.value &gt; rect.top) {\n                                        closest = { value: rect.top, index: i };\n                                    }\n                                }\n                                \/\/ Update the visible image accordingly, and return false to keep the event listener enabled\n                                current = closest.index;\n                                return false;\n                            },\n                        )\n                    })\"\n                >\n\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_0\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='about-fraud' >About Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fraud is a serious threat to businesses and customers around the world.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a report by Javelin Strategy &amp; Research, <\/span><a href=\"https:\/\/www.globenewswire.com\/fr\/news-release\/2023\/03\/28\/2635652\/0\/en\/Identity-Fraud-Losses-Totaled-43-Billion-in-2022-Affecting-40-Million-U-S-Adults.html\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">identity fraud in the U.S.<\/span><\/a><span style=\"font-weight: 400;\"> alone cost $43 billion in 2022.<\/span> <span style=\"font-weight: 400;\">But stopping fraud presents a challenge for businesses because it\u2019s a moving target.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fraudsters constantly exploit new technologies and strategies to find a way in. That forces businesses to search for agile fraud prevention tools that can keep up and still ensure fast, convenient onboarding for legitimate customers.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_1\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-is-fraud' >What Is Fraud?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fraud is an act of deception committed by an individual or group to gain something of value, such as money or access to a business. Identity fraud involves using someone else&#8217;s identity to commit fraud.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fraud isn\u2019t new, but it\u2019s always evolving.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Modern technology has accelerated that evolution in fraud. The digital proliferation of personally identifiable information (PII), account numbers, mobile phone numbers and passwords has increased the risk of account takeover, card-not-present (CNP) fraud and new account fraud.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Large-scale data breaches have led to stolen and identity theft, which fuels more fraud. With the click of a button, fraudsters can steal millions of dollars, damage a business\u2019s reputation and force people to spend years digging out from an identity theft mess.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/trulioo.highspot.com\/viewer\/642df23c4755fda03e6e22b4\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2021\/06\/infographic-new-fraud-threats-thumbnail-468x263.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2021\/06\/infographic-new-fraud-threats-thumbnail-608x342.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2021\/06\/infographic-new-fraud-threats-thumbnail-468x263.jpeg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">See the infographic<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">New Fraud Threats<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Gain key insights about fraud and online security threats from independent consumer research.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_2\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='the-common-types-of-online-fraud' >The Common Types of Online Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Online fraud can take many forms. Here are some examples of those fraud schemes.<\/span><\/p>\n<p><b>New Account Fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This occurs when fraudsters use stolen or synthetic identities to open new accounts. It can result in chargebacks, losses and reputational damage for a business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New account fraud usually occurs within 90 days of account opening. It\u2019s also referred to as application fraud or account origination fraud.<\/span><\/p>\n<p><b>CNP Fraud<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/cnp-fraud\"><span style=\"font-weight: 400;\">CNP fraud<\/span><\/a><span style=\"font-weight: 400;\"> occurs when someone uses stolen or cloned card information \u2013 such as name, address and account number \u2013 to make online purchases without the physical card or cardholder verification. Without the card, the physical security features are unavailable, and the liability can fall to the merchant, which faces chargebacks, losses and increased fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ecommerce fraud is the most common type of CNP fraud.<\/span><\/p>\n<p><b>Identity Fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Identity fraud occurs when someone uses another person&#8217;s PII without authorization to deceive a third party. That can result in financial losses and legal problems.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The digital landscape is filled with <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/pii-data\"><span style=\"font-weight: 400;\">PII<\/span><\/a><span style=\"font-weight: 400;\"> that is just a data breach away from being in the hands of fraudsters or organized crime rings. Identity information also resides on the dark web where fraudsters can create synthetic identities based on the PII from real IDs.<\/span><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/synthetic-identity-fraud\"><span style=\"font-weight: 400;\">Synthetic identity fraud<\/span><\/a><span style=\"font-weight: 400;\"> involves creating fake identities from a combination of fake information and actual ID data. A fraudster, for instance, could combine a real Social Security number with a fake address and other synthetic data points to create a false identity and then acquire a driver\u2019s license, passport or credit card.<\/span><\/p>\n<p><b>Account Takeover Fraud<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/account-takeover-fraud\"><span style=\"font-weight: 400;\">Account takeover fraud<\/span><\/a><span style=\"font-weight: 400;\"> involves fraudulently taking control of an account to access money, perform unauthorized transactions or gain entry to other accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many people use the same password for multiple accounts, so a fraudster, having accessed one account, could use the same password to take over other accounts. The account also might provide access to other linked services, such as an email account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SIM-swap fraud, for example, enables fraudsters to access a mobile device, gain access to email and other personal accounts, and then take over those accounts.<\/span><\/p>\n<p><b>Chargeback Fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Chargeback fraud, also known as friendly fraud, is an illegitimate request to reverse credit card charges. It can be costly to a business, create reputational damage and can lead to the termination of a merchant account.\u00a0<\/span><\/p>\n<p><b>Bank Fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bank fraud is an attempt to illegally gain assets from financial institutions or their customers. Common examples include counterfeiting, check fraud or loan scams. Online banking has created new fraud opportunities, such as through mobile check deposits or falsified online loan applications.<\/span><\/p>\n<p><b>Payment Fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Payment fraud involves completing a false or illegal transaction. The opportunity for bad actors to commit payment fraud cuts across almost every online transaction. It can be connected to earlier crimes, such as data theft, or it can be used to commit additional crimes, such as money laundering.<\/span><\/p>\n<p><b>Merchant Fraud<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/fake-merchants\"><span style=\"font-weight: 400;\">Fake merchant<\/span><\/a><span style=\"font-weight: 400;\"> accounts that appear as legitimate businesses but are just fronts for various fraud schemes are among the most common and costly forms of fraud for the financial institutions that acquire merchants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some merchant fraud schemes include processing illegitimate transactions; using another identity to set up a merchant account to pass AML review; processing unknown transactions for another business; or hiding the true nature of merchant activities.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/digital-identity-fraud-white-paper.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/wp-digital-Identity-crisis-thumbnail-468x263.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/wp-digital-Identity-crisis-thumbnail-608x342.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/wp-digital-Identity-crisis-thumbnail-468x263.jpeg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the white paper<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">The Digital Identity Crisis<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Gain insight into identity thieves\u2019 latest attack vectors and learn strategies to keep pace with the threats.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_3\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='the-growing-threat-of-fraud' >The Growing Threat of Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Consumers\u2019 knowledge of mobile and online safety hasn\u2019t necessarily grown at the same pace as the technological opportunities around them. But when organizations have a clear understanding of fraud threats and strategies for mitigation, they position themselves to better protect themselves and their customers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Artificial intelligence and the vast amounts of content online have created a new realm of possibilities for fraudsters. On top of that, they have access to the dark web, where they can find fraud tools, data and strategies as well as hacker groups and fraud-as-a-service offerings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beyond leveraging new technology, fraudsters still have tried-and-true strategies. That includes social engineering, in which a fraudster manipulates, influences or deceives someone to gain control of a computer or password-protected sites and then continues to receive sensitive information and access.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fraud teams focus on continually adjusting their strategies to mitigate the broad range of threats. But companies also face the challenge of balancing fraud prevention with providing the fast, convenient experiences customers expect.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Slow onboarding can lead to customer frustration and abandonment. Signicat, for instance, found <\/span><a href=\"https:\/\/www.signicat.com\/the-battle-to-onboard-2022\/abandonment-to-financial-service-onboarding-over-the-years\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">customer onboarding abandonment<\/span><\/a><span style=\"font-weight: 400;\"> in financial services increased from 40% in 2016 to 68% in 2022. The research cited onboarding that takes too much time as one of the top three reasons for the increase.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_4\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='strategies-to-prevent-online-fraud' >Strategies to Prevent Online Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Online fraud prevention is a core business competency that can flourish with a holistic, proactive approach.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAcross all industries, organizations will need to identify and prevent new threats, including money laundering, account takeover, or identity theft,\u201d Trulioo Chief Product Officer Micheal Ramsbacker <\/span><a href=\"https:\/\/fintechmagazine.com\/crypto\/identity-verification-and-fraud-trends-to-loom-large-in-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">wrote in Fintech<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBusinesses are likely to be dealing with a highly complex, varied, and constantly evolving threat landscape and therefore they will be looking to work with identity verification companies that can help them to manage the broadest possible range of fraud risks.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some strategies and best practices that can help prevent online fraud.<\/span><\/p>\n<p><b>Verify the Identity of Customers<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The first opportunity to prevent online fraud is to verify the identity of customers at account opening and throughout the customer journey. You can use identity verification capabilities that leverage multiple data sources \u2013 such as biographic, document and network data \u2013 to verify customers in real time and with minimal friction.<\/span><\/p>\n<p><b>Implement Risk-Based Authentication<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Another step to prevent online fraud is risk-based authentication that adjusts the degree of verification based on the risk of each customer or transaction. Risk-based authentication analyzes various factors \u2013 such as device fingerprinting, geolocation, IP address, transaction history and user behavior \u2013 to determine a risk score and apply the appropriate authentication method.<\/span><\/p>\n<p><b>Protect Data<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A common legal requirement that also helps prevent online fraud is protecting sensitive data from unauthorized access or misuse. Data protection capabilities that encrypt, anonymize or tokenize data help ensure security and privacy. Best practices for data security \u2013 such as using strong passwords, updating software and backing up data \u2013 help companies comply with regulations.<\/span><\/p>\n<p><b>Educate Customers<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Companies that educate customers about the risks of online fraud and how to avoid it can build trust and protect users. That education includes providing customers with tips about how to recognize and report fraudulent activities, such as phishing emails, fake websites or suspicious transactions. Companies also can encourage customers to use secure passwords, enable multifactor authentication, monitor their accounts regularly and contact the company about suspicious activity.<\/span><\/p>\n<p><b>Innovate and Adapt<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Companies that innovate and adapt to the changing fraud can improve their defenses. Innovative tools and technologies that leverage artificial intelligence, machine learning and biometrics can help companies stay ahead of fraudsters. <\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/WC-AiteFraud-Report_WC-IDVerificationValueOptimization.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/aite-industry-report-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/aite-industry-report-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/aite-industry-report-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the report<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Aite-Novarica: Trends in Fraud for 2023 and Beyond<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn why identity verification and authentication controls remain among the most frequently reported financial institution investment priorities.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_5\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='the-tools-and-technologies-help-prevent-online-fraud' >The Tools and Technologies Help Prevent Online Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Companies can monitor for fraud throughout the customer life cycle, but stopping bad actors before they enter the system helps eliminate the risk before there\u2019s damage.<\/span><\/p>\n<p><b>Identity Verification<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When customers start the account-opening process, <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\"><span style=\"font-weight: 400;\">identity verification<\/span><\/a><span style=\"font-weight: 400;\"> can flag potential fraudsters and prevent damage. Anomalies in identity information, such as outdated information or mismatches in data, can prompt further examination. By cross-referencing multiple data points and data sources for identity checks, companies create even higher barriers to fraudsters.<\/span><\/p>\n<p><b>Identity Document Verification<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Identity document verification establishes proof of possession of a legitimate identity document that matches the submitted data. Combining <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\/document-verification\"><span style=\"font-weight: 400;\">identity document verification<\/span><\/a><span style=\"font-weight: 400;\"> with a selfie and liveness check provides additional layers that help build certainty during onboarding.<\/span><\/p>\n<p><b>Fraud Risk Management Program<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/fraud-risk-management-program\"> <span style=\"font-weight: 400;\">fraud risk management program<\/span><\/a><span style=\"font-weight: 400;\"> gives a business a framework for identifying, assessing, mitigating, monitoring and reporting fraudulent activities. Fraud prevention isn\u2019t just about protecting the bottom line. It also minimizes reputational harm and helps build customer trust.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies can assess their fraud risk and provide fraud awareness training to ensure all employees make security a top priority.<\/span><\/p>\n<p><b>Leverage Fraud Detection Tools<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Fraud detection tools such as an address verification service and card verification value can help combat fraud from credit and debit cards. The U.S. Federal Trade Commission reports that most fraud stems from credit card, debit card, and payment apps or services.\u00a0<\/span><\/p>\n<p><b>Take Advantage of Fraud Management Software<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Many automated fraud management systems use machine learning and predictive analytics. Those technologies can allow businesses to reduce fraud by uncovering hidden correlations between people\u2019s behavior and the likelihood of fraudulent actions.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/navigate-evolving-fraud.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/marketplace-risk-webinar-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/marketplace-risk-webinar-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/03\/marketplace-risk-webinar-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Marketplace Risk webinar\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">View the webinar<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Marketplace Risk: How to Navigate the Evolving Fraud Landscape<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Gain insights into the latest fraud tactics and learn strategies for navigating the threats.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_6\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='a-holistic-approach-to-fraud' >A Holistic Approach to Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fraudsters never stop looking for a way in. Once they find it, they move quickly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A holistic view of customers and their transactions provides context for real-time risk-scoring. But that requires the data and analysis tools that guide verification workflows and collect and integrate information from multiple systems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt is crucial that fraud indicators are orchestrated into a centralized platform that can track the end-to-end life cycle of users (fraudsters or not) and generate meaningful alerts,\u201d according to a <\/span><a href=\"https:\/\/www.pwc.com\/gx\/en\/forensics\/gecsm-2022\/PwC-Global-Economic-Crime-and-Fraud-Survey-2022.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2022 PwC fraud report<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The goal is to evaluate the<\/span><a href=\"https:\/\/www.trulioo.com\/blog\/customer-onboarding\/customer-journey-orchestration\"> <span style=\"font-weight: 400;\">customer journey<\/span><\/a><span style=\"font-weight: 400;\"> across touchpoints. Companies can optimize risk controls at those touchpoints by leveraging innovations in cloud-based systems, artificial intelligence analysis, machine learning and automated verification workflows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Awareness of fraud techniques and prevention strategies can help build a sturdy defense. They can fortify that defense with agile, integrated, scalable fraud tools.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/cut-fraud-and-financial-crime\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-online-retail-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-online-retail-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-online-retail-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the industry sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">How to Cut Fraudulent Transactions Without Huge Costs or Complications<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how identity verification drives business value for online retailers and eCommerce sites.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"hidden lg:block section px-0 pt-10 mt-20 border-t border-green-900\">\n\t\t\t\t\t\n<script>\n\t\/\/ @author Justin Golden - Copied from Desktop Clock\n\tasync function copyText(str) {\n\t\tconsole.log('Copying', str);\n\t\tif (!navigator.clipboard) {\n\t\t\t\/\/ fallback\n\t\t\tconst input = document.createElement('textarea');\n\t\t\tinput.innerHTML = str;\n\t\t\tdocument.body.appendChild(input);\n\t\t\tinput.focus();\n\t\t\tinput.select();\n\t\t\tlet result;\n\n\t\t\ttry {\n\t\t\t\tresult = document.execCommand('copy');\n\t\t\t\tconsole.log('Fallback: Copying text command was ' + (result ? 'successful' : 'unsuccessful'));\n\t\t\t} catch (err) {\n\t\t\t\tconsole.error('Fallback: Could not copy text: ', err);\n\t\t\t}\n\t\t\tdocument.body.removeChild(input);\n\t\t\treturn result;\n\t\t}\n\t\tconst result = navigator.clipboard.writeText(str).then(\n\t\t\tfunction() {\n\t\t\t\tconsole.log('Async: Copying to clipboard was successful');\n\t\t\t\treturn true;\n\t\t\t},\n\t\t\tfunction(err) {\n\t\t\t\tconsole.error('Async: Could not copy text: ', err);\n\t\t\t\treturn false;\n\t\t\t}\n\t\t);\n\t\treturn result;\n\t}\n<\/script>\n\n<div x-data=\"{open: false}\" class=\"text-green-900\">\n\t<div :class=\"open &#038;&#038; 'bg-brown-100'\" class=\"transition-colors inline-block p-4\">\n\t\t<!-- Add `rotate-90` class to button when open\n            When open button should have hover classes without `hover:` and add `hover:bg-green-700` -->\n\t\t<button class=\"flex items-center cursor-pointer\" @click=\"open = !open\">\n\t\t\t<div :class=\"open ? 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