Financial services organizations largely agree – they’re feeling the fallout of a wide and complex array of identity fraud attacks. Yet many are still not leveraging cutting edge AI-based tools for a multidimensional view of identity and risk.
At Money2020, Socure surveyed 55 individuals from a variety of financial services organizations to glean their insights on identity verification and fraud risk. This snapshot of results shines a light on some key identity challenges facing financial services firms. Warning: It ends with a grim outlook. The large majority of those interviewed say there will never be an end to identity fraud losses.
It’s time for financial services organizations to take a new approach to identity verification and fraud risk.