OWI Report

Improving Fraud Detection by Increasing Identity Layers

3/17/2021

The year 2020 marked a crucial turning point for businesses. While the pandemic upended the ways in which businesses function, employees work, and consumers buy, financial institutions and fintechs also saw a transition take place with digital services often supplanting in-person banking. This digital evolution also coincided with a level of fraud that reached critical proportions.

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Description

In the following report, in partnership with Experian, we explore how Digital Identity and technologies like machine learning (ML), artificial intelligence (AI), or biometrics, can be the key to adequately addressing the rising volume and growing sophistication of fraud attacks. This report explores the ways in which institutions utilize these measures and their projected benefit with the generational shift to online banking and digital financial services.

The report includes

  • An overview of the shifts within the financial services space and the impacts of the rise in fraud, created  by COVID-19
  • An explanation of how newfound criminal fraud strategies and shifting consumer expectations have accelerated fraud
  • A deep dive into different fraud solutions for businesses and the potential in layered identity solutions that include both proofing and verification for customer experience optimization
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