The Importance of Trusted User Identity Verification to Counter Fraud in the Financial Sector #infographic

The Importance of Trusted User Identity Verification to Counter Fraud in the Financial Sector #infographic


The capacity of a financial services company to handle the assets and personal details of its customers is rooted in its honesty. To ensure that they employ the appropriate security measures to protect highly valuable and confidential data, they must keep up with market developments, compliance with regulations and technological innovation.

However, criminals are becoming more innovative in designing strategies that can penetrate networks for illegal activity. By 2020 , the total annual expense to a financial institution was greater than $18 million. Moreover, 8 out of 10 US people fear companies may be unable to protect their confidential information.

Onventional identity testing approaches are ineffective in hampering fraudulent identity threats and banks need to improve their risk mitigation solutions.

In the financial sector, the value of enhanced user identity verification can not be emphasized enough and the implementation of an effective identity verification solution will help protect financial firms and their clients from fraud and cybercrime.

The Importance of Trusted User Identity Verification to Counter Fraud in the Financial Sector #infographic

infographic by: www.ipsidy.com

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