We had a blast recently at our GBG GO and Loqate hosted dinner and event: “Identity & Fraud Intelligence: A VIP Evening of Insights with Industry Experts”. The event took place at the renowned 25 Lusk in the heart of downtown San Francisco.
Over an elegant three-course dinner, guests and speakers discussed several topics that are top-of-mind for identity and fraud prevention professionals today.
Amongst the wealth of thought-provoking discussions had, we wanted to share key takeaways gathered that hopefully serve as guidance for professionals approaching identity and fraud challenges in their everyday:
- The definition of identities and the impact to your business should be gated by the use cases, the location of your client base, the regulatory framework you are subject to, and the risk appetite and tolerance of your business, amongst others.
- While the most publicized fraud vectors are synthetic identities and account takeovers, there are several other vectors you need to pay attention to. Along with discussions on first-party and third-party fraud, we also discussed current vectors like elderly abuse, friendly fraud, scams, and others. While some vectors are seasonal, some might arise from environmental circumstances – like those resulting from the pandemic.
- The recognition that there is not a silver bullet to address identity fraud implies the utilization of multiple tools, but also that it is imperative they work together. The use of an orchestration layer to coalesce the use of these tools is necessary for proper effectiveness. Furthermore, orchestration helps properly segment the client base and apply the tools most adequate to each one.
- An individual’s address is a crucial data point used in confirming their identity and a key piece to fraud signals and fraud data models. Address verification tools help mitigate fraud and verify an individual’s identity.
- Finally, we delved into the internal organizational hurdles linked to adopting new technology, while making the distinction between roadblocks and impediments. The difficulty in technical resource availability but also the consequences of external events like the pandemic and the war in Ukraine have impacted what projects are being prioritized.
While fraud and identity challenges continue to evolve in complexity, understanding your business’s specific risk appetite and tolerance while taking into account several other factors is pertinent to most effectively protecting your company from fraud.