Increase in Online Identity Theft

  • Fraud Prevention, Identity Theft

For the past three years, Internet fraud has been on the rise. Despite all the advances in online security, the Internet Crime Complaint Center (IC3) logged more than 300,000 complaints of identity theft totaling a whopping $485.3 million in losses last year. Even though these numbers are lower than the peak in 2009, it causes concerns to financial institutions and businesses alike. Of the top five types of Internet fraud reported in 2011, identity theft was number two. Even though the ratio of complaints to actual financial loss was lower 2011, there was an increase in the amount of complaints. This can reflect a number of things, maybe people are more apt to complain or maybe certain security measures are stopping thieves before they can conduct any harm.

How can companies help to prevent these types of online fraud? It certain cases, it may mean a pricey restructure of fraud prevention measures and high-tech monitoring systems. For small businesses and companies without the budget and/or manpower, there may be a simpler solution to help reduce the amount of Internet fraud affecting their company. EVS offers identity verification and authentication solutions for companies in online environments. So much of the fraud happening online could be prevented by early detection of a stolen identity. By enforcing identity verification and authentication, thieves will be stopped by knowledge base authentication, which generate a roadblock for online users, which only the true identity could pass. These tactics and support will help lower the amount of complaints and losses caused by online fraud.

[Contributed by, EVS Marketing]