At any given time the media is reporting on the latest data breach, whether it is on the fraudsters targeting popular industries such as healthcare, education and government, or potentially an industry that is infiltrated less. Thousands of articles to millions of dollars and a lot of data and reputations harmed in the process, data breaches are becoming more common and a hot topic in the world.
The vast amount of breaches has contributed to evolving the Verizon Wireless’ Data Breach Investigation Study into an annual report, which includes data on 61 countries. According to the report, the top industries affected by data breaches in 2015, were Public, Information and Financial Services
Out of the top three affected industries, EVS works with various types of specialties within an industry from tax professionals to banking, lending, investment, brokering and more. It is essential for these industries to protect against identity fraud and remain compliant; however, it is also crucial for businesses that work with these industries to sustain the same level of compliance.
There can be numerous risks when processing transactions, executing trades, transferring funds, protecting against fraud and ensuring compliance with federal regulations. Therefore, EVS products that can be considered beneficial to these industries include ID verification, high-risk alert and the Financial Crimes Enforcement Network (FinCEN) Watch List Screening.
ID Verification is a quick and efficient way to verify that a person is who he or she claims to be through matching points unique to the person. Through avoiding fraudulent transactions businesses save time and money long-term. High-risk alert helps businesses identify threats fast that are more at risk and flag them for more research and analysis. FINCEN Watch List Screening and Auditing is a way to manage and track watch lists all while ensuring that a company remains compliant with federal regulations.