Training

Governance , Incident & Breach Response , Next-Generation Technologies & Secure Development

Digital Identity Verification for Fraud Mitigation

Digital Identity Verification for Fraud Mitigation

Online and mobile commerce is increasing exponentially - unfortunately so is fraud based on stolen or fake identities. Combating identity-based fraud is challenging, but the key to success is a multi-phase approach - one that encompasses identity verification and big data for fraud mitigation.

Join this session with Equifax Identity Fraud experts to learn more about:

  • How the right "big data" helps identify applicants;
  • When to apply more detailed authentication to uncover fraud;
  • How to meet and exceed regulatory mandates to create a robust fraud mitigation process.

Background

Trends in fraud management have evolved as more business has moved online, where the applicant can easily hide under a stolen or made-up identity. Now it's time to move beyond chasing after the fact to preventing fraud before it happens.

Equifax has extensive experience working in the financial sector and with major government agencies to help identify fraudulent applicants before they get in the front door. Working across verticals means that lessons from each are combined to create a complete view of fraud behavior and best practices for combating it.

In this session, we'll review models that successfully prevent fraud in the financial, e-retail and telecommunications space. These sophisticated analytics assess the likelihood of fraud through extensive matching within proprietary data sources, and assessment of network activity associated with that identity.

We'll be joined by Rich Huffman, Senior Product Manager for Fraud, discussing best practices in fraud mitigation that result in a tiered process. Among the core elements to be discussed:

  • Focus on prevention measures, including identity proofing that uses a broad range of data elements to verify the applicant's identity;
  • Gauge the risk profile of the device used to interact with the institution;
  • Review information within a channel, across channels and between internal and external sources;
  • Reduce portal abandonment rate by limiting intrusive procedures to high-risk applicants;
  • Comply with appropriate regulations and industry guidelines;
  • Minimize manual processing time and costs.

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