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Fraudsters Find New Entry Points To Attack Digital-First Economy


It has been an unusually active year for fraudsters. According to the Federal Trade Commission (FTC), 2020 saw payments fraud increase by 47 percent as the sudden shift of consumers to almost entirely digital lifestyles presented a host of new targets.

“We’re also seeing more fraud rings and more sophisticated fraud happening, whether it’s going after governmental secrets to social engineering or just classic onboarding and attacking accounts and taking over accounts,” Kevin Trilli , chief product officer of Onfido told PYMNTS in a recent conversation, noting that fraudsters are “putting in a lot of overtime” these days looking for new entry points to places where they aren’t supposed to be.

Onfido is a digital ID verification firm, and as Trilli noted, biometrics technology — and its wide accessibility to consumers through mobile devices — offers a significant weapon in battling back fraudsters and securing consumers through various digital journeys. Sounds simple enough, but it actually isn’t — doing biometrics right isn’t as easy as it appears from the outset, and consumers as of yet don’t fully trust it.

“People are still hesitant to participate in these newer technologies because they don’t trust where the data sets are going,” said Trilli. […]

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