A news story emerged this morning reporting the huge rise of identity fraud, costing businesses approximately £5.4 billion in 2016. Here we discuss the issue and how to reduce identity fraud with the help of big data analytics.
With no signs of this issue slowing in 2017 (research by Cifas found that 89,201 ID frauds registered in the UK during the first half of this year), it is imperative that businesses find ways to stop fraud in its tracks – an obvious suggestion being through implementing improved identity verification processes.
It is relatively easy for fraudsters to steal consumer data and to buy and sell it on the dark web.
Despite its original purpose, The Dark Web is mostly used for illicit trade including buying and selling Fake IDs and visas, stolen credit cards, weapons, drugs, child pornography, and even the services of hit men, all with hidden IP addresses of both hosting sites, and visitors e.g. Silk Road.
Cybercriminals are willing to pay good money for stolen data, making the Dark Web a huge target for illegal activity and giving people easy access to commit ID and credit card fraud through the untraceable internet.
Our unique software solution Fraud Web can be used to identify whether your customers’ data is for sale on the dark web, providing high, medium, and low risk alerts surrounding the likelihood of ID theft so that you can quickly and efficiently identify fraud and alert your customers.
With our software you can prevent millions in losses from identity fraud.
Get in touch to find out more