EPCOR - Electronic Payments Core of Knowledge’s Post

The government wants to know the answer to “how to establish trust online” so they can put more and more services through digital channels instead of relying on brick and mortar. The challenge is not always knowing the right questions to ask. So I’ll ask for them, start here: 1️⃣ How do I get as many legitimate people through with the least amount of friction possible? For example, an ideal case would be auto-approving (i.e., no friction) 20%+ more good people seeking to access their online accounts to pay taxes without making them go in person or wait in a video review queue. 2️⃣ What does identity fraud look like in my specific population? - it differs by type of application, it differs by state, and it differs by use case. For example, fraudsters will attack tax refund fraud differently from unemployment fraud. 3️⃣ How do I implement an identity solution that respects privacy principles while enhancing security and efficacy? I.E. - you need to collect data to make strong identity security decisions, but you need to collect only enough to do what you need and confirm you are not inadvertently sharing this information with black box solutions that do not provide transparency to how data is being used. 4️⃣ How do I establish trust in a world of AI and deep fakes? One used to think a selfie was a pretty strong check, but not when you can take a video on someone's instagram and create a deep fake with off the shelf code. All these fall under the macro-trend, how do I make sure I’m evolving as quickly as the fraudsters to protect my constituents and maintain program integrity?

Synthetic identity fraud is a bigger risk than many organisations and businesses realise. For this reason, the necessary precautions are often not put into place to fight this type of fraud. Businesses should be aware that traditional verification methods are not sufficient to combat synthetic identity fraud; about 95% of synthetic identities go undetected at financial institutions (see article). Still, businesses have a responsibility to protect their their customers' information and protect themselves. There are strategies and tools available to businesses to achieve this – read the article at the link for all the information. #syntheticidentityfraud #identityfraud

A new report this month from the Federal Trade Commission has highlighted the more than $10 billion in fraud losses suffered by consumers in 2023, a 14 percent increase over the previous year. https://lnkd.in/gSwuq9dK This study and high-profile fraud cases have generated a greater interest in data privacy and security as people put enormous amounts of their personal information online. How do we ensure the public is protected in digital spaces? The Academy's Grand Challenge to Ensure Data Security and Privacy Rights of Individuals goes hand-in-hand with efforts to protect consumers and prevent fraud. #grandchallenges #dataprotection #dataprivacy #ftc

SCAM ALERT! ⏰ Scammers are now ordering items in victim's names through stolen accounts and trying to steal the items from their doorstep. It's a new level of brazenness. To reduce your risk, think A-B-C: A - Always B - Be C - Checking [your account statements and credit report.] Please report anything that isn't right to CISA [https://lnkd.in/geqxCxQ2] and the FBI [https://www.ic3.gov/]. Check out my interview with Mike McKnight of 6 NEWS WOWT OMAHA and learn more tips on how you can protect yourself. What are other ways consumers can protect themselves? Please share your tips. https://lnkd.in/gDbWXzcZ

Today, we released a new report called “The State of Digital Identity in 2024”, in partnership with The Center for Digital Government. State agencies, tasked with distributing federal funds, face challenges when providing seamless digital identity verification for constituents while defending against sophisticated bad actors, including fraudsters, crime rings, and nation-state attacks. According to the surveys in our report, 63% of constituents surveyed want to conduct all or most transactions with state agencies online, yet only 13% felt very confident state agencies can detect and prevent identity fraud. The second number has to change. Read our press release and download the full report below: https://bit.ly/3WIOOvJ

#Deepfakefraud is real. CNN reports that a finance worker at a multinational corporation was defrauded of $25 million by scammers employing deepfake technology to impersonate the company's CFO during a video conference call. Finexio takes a #zerotrust approach to verifying and securing our customer's payments, to protect against the myriad of ways fraudsters are attacking your payments. Learn more about this fraud case, how deepfakes are being used in fraud, and how you can protect your business payments in our updated article on navigating deepfrake threats. #paymentsecurity #paymentfraud

With identity fraud on the rise (up 122% from 2019 through 2022) consumers want businesses to make them feel secure when transacting online — but not at the expense of convenience. Learn how to better clear the path for good customers while increasing friction for bad actors: http://transu.co/6044Rgl8k #DigitalFraud #IdentityFraud #IDProofing #FraudPrevention

Synthetic identity fraud is on the rise, hitting $3.1 billion in 2023, up from $1.9 million in 2020. This type of fraud involves creating fake identities using a mix of real and fake information to access credit and financial products. How can you help protect your organization? Find out more here:

Beware of #Deepfakefraud. It cost one company $25M. CNN reports that a finance worker at a multinational corporation was defrauded of $25 million by scammers employing deepfake technology to impersonate the company's CFO during a video conference call. Finexio has a #zerotrust approach to verifying and securing all payments on our platform, to protect against the various ways fraudsters are attacking your payments. Learn more about how #deepfakes are being used in fraud, and how you can protect your business payments in our updated article on navigating deepfake threats. #paymentsecurity #paymentfraud

🔒 Protect your business from check fraud with these 3 essential tips! Check fraud is on the rise, posing a serious threat to companies of all sizes. ➡️Learn how to safeguard your business and mitigate risks in our blog post: https://ow.ly/fJfw50QCVIv #SourceToPay #AccountsPayable #Blog #Fraud