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Account takeover fraud (ATO) takes place when a fraudster uses somebody else’s credentials in order to gain access to their account. Once a fraudster has gained access to the user’s account, they can then monetize it by either transferring funds, making unauthorized purchases, or selling the verified account data to someone else. Account takeover fraud
Account takeover fraud (ATO) is one of the most common forms of identity theft. When executed effectively, the process can be incredibly damaging. As well as leading to financial losses, ATO can also cause reputational damage and can irreparably damage the relationship between a business and a customer. Sadly, even though account takeover fraud is
Seven years ago, I founded Veriff and was later joined by our co-founder, Janer Gorohhov, to help businesses of all sizes verify their customer’s identity online and fight fraud. Since then, a lot has changed in the identity verification market. As fraud rates have grown and bad actors have become more sophisticated, so have we.
Recently, Gartner released its latest market guide for identity proofing and corroboration. Traditionally a landmark study, the report aims to explore the current state of the identity proofing market. In doing so, it analyses the issues businesses face when verifying identities and how the market can respond to emerging trends. So, what does Gartner’s guide
Biometrics is a way of measuring a person’s physical characteristics. By using a piece of biometric data such as a fingerprint or a facial scan, an individual’s identity can be verified accurately in a matter of seconds. The way biometric verification works is simple. A database stores authentic data, which a business can then compare to an
A recent study from Insider Intelligence has revealed that more than half of customers in the UK would switch to a different bank if their current lender was caught laundering cash. In particular, the study has revealed that young customers would be most likely to make the switch if their lender was involved in money
A Swiss-based think tank has called for increased international cooperation regarding cryptocurrency regulation and enforcement in order to combat black market activity. A recent paper, which was drafted by the Basel Institute of Governance and The International Academy of Financial Crime Litigators, has suggested that action against illicit crypto markets must be more coordinated. At present, there’s concern
After living through a global pandemic, we’ve all learned that providing people with the right access to healthcare professionals, medications, and insurance providers is incredibly important. On top of this, the pandemic has shown that both patients and providers must feel comfortable, confident, and safe when handling healthcare matters online. This is particularly the case
If your business has compliance obligations or offers an age-restricted service, then it’s vital that you check the identity of your customers. By doing this, you can ensure that you’re compliant with relevant legislation and you can stop bad actors from exploiting your services. Checking the identity of your customers is a simple process that
The Arabic document support for our clients gives wider access to commonly used identity documents and supporting users who were previously unable to be verified because their identity documents feature personal data, such as names, written only in Arabic characters. Now, with Veriff they can go through the IDV process seamlessly with documents where the
