Monday, November 23, 2020
Tech

How do digital ID tools combat identity theft?

How do digital ID tools combat identity theft?
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In 2019, unauthorised financial fraud losses across payment cards, remote banking and cheques totalled £824.8 million, according to UK Finance. One type of fraud that contributes hugely to this loss is identity theft, which has become a serious problem in recent years. Anti-fraud measures, designed to detect identity theft, force the fraudsters to find ways to trick individuals, leading to new and constantly evolving fraud typologies that are increasingly difficult to detect and stop.

In account takeover fraud, for example, the criminal uses information stolen through phishing scams or similar to gain access to an individual’s account and make unauthorized payments or apply for credit. The difficulty for fraud detection is that this looks, at face value, to be the customer logging into their account and the alarm might only be raised if and when the customer spots anomalous activity on their account.  



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