PYMNTS

APRIL 3, 2019

Cognito CEO Alain Meier and his colleagues at the identify verification service have a peculiar way of freaking out payment and commerce operators. Simply showing what the lowly, mundane, terribly average phone number can do in terms of securing transactions, onboarding and other tasks vital to the daily lives of digital consumers.

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Verification Money Laundering Authentication API 59

PYMNTS

JUNE 4, 2019

However, if data is vital to the digital economy, so is identity (ID) verification. If anything has become clear within the last few years, it’s that electronic ID verification — using digital methods and data to confirm and authenticate identities — is increasingly taking on crucial importance. Evolving ID.

Verification 62

Verification Online and Mobile Banking Fraud Prevention Privacy 62

PYMNTS

AUGUST 10, 2017

The more individuals leave a trail of information across websites, the more tempting the targets are for hackers to make off with everything from Social Security numbers to health care information. Your security question with your dog’s name? The more business is done online, the more fraud makes inroads.

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Social Security Security Credential Authentication 53

PYMNTS

DECEMBER 13, 2017

Identity verification and user authentication are hot spaces right now, and only getting hotter as merchants, financial institutions (FIs) and consumers demand more foolproof protection against fraudsters. Today, though, visit any industry trade show and the halls are packed with identity verification products.

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Verification Social Security Enrollments Security 62

FICO

FEBRUARY 16, 2021

What is the Electronic Consent Based Verification Service (eCBSV)? . In June 2020, the US Social Security Administration (SSA) launched their electronic consent-based verification service (eCBSV). LizLasher@fico.com. Tue, 02/16/2021 - 18:04. million SSN’s are issued per year and they are never re-used.

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Verification Social Security Checks Security 52

PYMNTS

FEBRUARY 27, 2018

But workplaces aren’t the only entities considering a change to authentication or verification procedures. Several nations around the world are reconsidering their approach to security and national identity systems. Social Security number as an identifier. citizens to open bank accounts.

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Social Security Security Authentication Governance 44

PYMNTS

NOVEMBER 13, 2020

Robust digital ID verification practices could make many fraud schemes a thing of the past, but many banks and businesses have yet to adopt them. billion digital ID apps are expected to be in use by 2025, with their growth being mostly attributed to the need for contactless ID verification during the pandemic. More than 6.2

Multifactor Authentication 97

Multifactor Authentication MFA Verification Online and Mobile Banking 97

PYMNTS

NOVEMBER 13, 2018

Maybe so, in the quest for digital identity verification. The Wall Street Journal reported Monday (Nov 12) that a number of banks, ranging from JPMorgan Chase & Co to Citigroup , are eyeing partnerships with a series of government agencies in a quest to make digital ID verification a bit more streamlined and accurate.

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Social Security Verification Data Breach Blocks 51

PYMNTS

DECEMBER 15, 2020

According to Bud Walker , chief strategy officer at the address and identity verification firm Melissa , the time, money and reputational costs caused by incorrectly addressing letters and packages are “humongous.”. We’re seeing that the size and scope of companies that want to use some type of ID verification has changed,” Walker said.

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Addressing Returns Duplicate Verification 73

PYMNTS

NOVEMBER 6, 2019

Verification Relies on Existing Information . Identity verification is crucial for any financial product, but it is especially so for one involving loans, as botching authentication methods could lead Affirm to charge either a phantom or the wrong person, having its money vanish into the ether. “The Fraud Faces the Machine.

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Verification Fraud Prevention Authentication Credit Cards 40

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

PYMNTS

AUGUST 8, 2019

As Meier told it to PYMNTS, that provides an opening for a concept called gradual verification. As Meier described it, gradual verification collects just as much personal data from a consumer that is needed to perform a specific digital or mobile task. But so, too, could new methods of online verification.

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Security Verification Online and Mobile Banking Breach 58

PYMNTS

OCTOBER 7, 2019

As part of the sign-up [process], the user provides us with [their] full name, address and Social Security number. That information goes to the [credit] bureau, and the bureau sends back questions on the ID verification tool, and the user has to pass that tool.”.

Verification 40

Verification Authentication Small Business Checks 40

PYMNTS

FEBRUARY 19, 2019

Banks, financial institutions (FIs) and other members of the financial world are, thus, dealing with a rising flood of identity theft and application fraud, as bad actors look to capitalize on the email addresses, Social Security numbers, credit details and other information they have on hand. Around the Digital Fraud World.

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Identity Theft Data Breach Breach Verification 63

Payments Source

JUNE 14, 2018

Businesses are tasked with carrying too much of the burden of protecting customers' personal information, and typically turn to Social Security numbers. The advent of self-sovereign identity may give consumers a chance to reclaim control over their data and how it’s used, Finicity's Nick Thomas writes.

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Social Security Consumer Security Verification 64

PYMNTS

APRIL 30, 2019

We at PYMNTS come here not to bury biometrics, but to explore another way of bringing identification and age verification to the masses — a method that, in the view of Alain Meier, CEO of Cognito , could help eCommerce operators stay ahead of regulators and otherwise offer relatively friction-free authentication to consumers around the world.

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Verification Authentication Online and Mobile Banking Law Enforcement 64

FICO

JULY 7, 2020

Beware of people claiming to be part of reputable organizations, like research firms or government agencies, asking you for personal information like bank card numbers or your Social Security number. Fake Profiles. Quid pro quo scams offer a benefit to the victim in exchange for information.

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Scams Smishing Phishing IRS 97

PYMNTS

AUGUST 11, 2020

No one will call to ask for your bank account, credit card or Social Security number, the FTC said. A survey released last week by SocialCatfish.com, the identity verification nonprofit, reported U.S. Just like last time, if there’s another stimulus payment, taxpayers won’t have to pay to get it.

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FTC Federal Trade Commission Scams Direct Deposit 69

PYMNTS

JUNE 11, 2019

Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. How Western Governors University handles Digital ID Verification. Deep Dive: Balancing Security and Convenience in Digital Identities.

Verification 58

Verification Authentication Blockchain Addressing 58

PYMNTS

MARCH 27, 2020

First-party fraud seems difficult to perpetrate because loan applications typically require identity verification with Social Security numbers, which enable banks to track down loan applicants who go off the grid. The bad actors then cut off all contact with the bank, preventing it from recouping its losses.

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Identity Theft Technology Authentication Credit Cards 83

PYMNTS

JUNE 16, 2019

Postal Service, the Social Security Administration, Veterans Affairs, and the Centers for Medicare and Medicaid Services, for example, ask questions of a new user and match their answers to information held in an individual’s credit file. Agencies like the U.S. For instance, not all applicants have cell phones,” the watchdog explained.

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Posting Verification Breach Data Breach 43

PYMNTS

MAY 15, 2017

While the information hacked included names, account numbers, expiration dates and verification codes, Brooks Brothers confirmed sensitive information like social security numbers and addresses weren’t compromised. At this time, the company has not disclosed the number of accounts impacted.

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Breach Compromise Social Security Payments 46

PYMNTS

APRIL 5, 2019

AeroGrow explained that customers who bought something through its website between October 29, 2018 and March 4, 2019 had their credit card number, expiration date and card verification value (the security code) stolen by the malware.

Credit Cards 63

Credit Cards Law Enforcement Compromise Data Breach 63

PYMNTS

DECEMBER 3, 2019

Digital identities are growing more important and omnipresent in everyday life, and the need to keep them secure grows more pressing by the day. Financial information, Social Security numbers and a host of other private data is wrapped up in each person’s digital identity, making a potential data breach catastrophic.

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Verification Authentication Breach Data Breach 52

PYMNTS

SEPTEMBER 24, 2020

Social Security numbers. ATOs mostly] happen through social engineering,” he said. It’s like the Social Security number in the U.S.,” Fraudsters] will call up customers pretending to be bank employees and ask the customers to share their passwords, debit card details, PINs, et cetera. Shetty explained.

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Account Takeovers Database Authentication Crime 82

PYMNTS

MAY 5, 2020

In the case of synthetic IDs, fraudsters target consumers’ personal details such as Social Security numbers, place or date of birth, or other pieces of data to create new personas, and then apply for cards or loans. Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud.

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Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

JANUARY 27, 2017

In your wallet is a driver’s license and possibly a Social Security card. There are issuing authorities stretching from the Social Security Administration to the DMV, who, as Webster noted, may offer an analogue for the issuance of such attributes. Maybe a credit card or two. Perhaps you keep a passport in a side pocket.

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Social Security Online and Mobile Banking Credential Governance 57

PYMNTS

SEPTEMBER 11, 2017

The data exposed included driver’s license and Social Security numbers. . No one, of course, can get a new Social Security number or date of birth. In satisfying that first step, Hall said, names, dates of birth and Social Security numbers still prove useful. .

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Breach Social Security Data Breach Risk 54

PYMNTS

DECEMBER 8, 2016

But verification for delivering a shirt by mail, Ayers pointed out, is nowhere near as heavy as being on the hook for a home loan or another big purchase. According to Ayers, there is a trend that swaps out the Social Security number for tracking, investigation and verification purposes. “As

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Due Diligence Authentication Addressing Social Security 78

PYMNTS

FEBRUARY 4, 2019

Different institutions use varying forms of customer identification for verification, for example. One bank might require a birth certificate or passport, but another might need to see a Social Security card or government-backed identification in addition to a driver’s license. Ushering In An AML/KYC Culture Change.

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AML Money Laundering Due Diligence Fincen 64

PYMNTS

JULY 28, 2020

Fraudsters could pair one individual’s Social Security number with another’s passport information, for example — and these IDs can include some fake details as well. . Cybercriminals often use these identities to set up bank accounts and apply for credit cards and loans. How Cybercriminals Power Synthetic Id Fraud.

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

SEPTEMBER 22, 2017

Among the front row seat observers in the battle for payments security is Stephen Stuut, CEO of online mobile payments and identity verification company Jumio. We employ a large team of verification experts to visually inspect suspect verification requests. You know the ones.

Online and Mobile Banking 56

Online and Mobile Banking Verification Data Breach Breach 56

PYMNTS

MAY 22, 2020

Banks must instead leverage multilayered defenses that harness employee and customer education, ironclad verification and artificial intelligence (AI)-enhanced fraud detection systems to keep customers’ money and personal data safe. Understanding the Scope of Financial Crimes.

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Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

PYMNTS

JULY 24, 2020

The result is a persona that often holds up against financial institutions’ (FIs’) traditional verification methods. Criminals can then use these identities to open bank and credit union accounts, secure loans and ultimately vanish without ever repaying.

Credit Union 73

Credit Union Federal Reserve Crime Authentication 73

PYMNTS

DECEMBER 18, 2018

The dilemma is mainly one of speed, as consumers are still unwilling to sacrifice convenience for security. What’s more, while a good portion of healthcare providers still ask for paper documents for identification (think passport or Social Security card), that’s a good way to leave customers irritated and looking for a competing provider.

Authentication 61

Authentication Data Security Social Security Security 61

PYMNTS

APRIL 11, 2019

For Jumio’s part, it is betting on biometrics, and using technology and lessons that have brought more age verification confidence to providers of online gambling and e-cigarette eCommerce. Biometrics Role. Jumio’s authentication technology asks for those ID details and requests that the shopper submits a selfie.

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Authentication Verification Regulations Service Provider 67

PYMNTS

DECEMBER 31, 2018

“We have investigated the matter thoroughly, addressed the cause and, as a precaution, have implemented additional security measures,” Macy’s said in an emailed statement. While personal data, including birthdays, may have been accessed, the retailer said that Social Security numbers were not. Fitness Hacks. Exactis Hack.

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Data Breach Breach Database Compromise 92