Jul 10, 2020
Despite consumer’s growing reliance on online marketplaces
(especially during social distancing) many still don’t have an
adequate level of assurance for verifying customers (e.g. many only
require an email, username and password).
Meanwhile, other online marketplaces leverage hundreds of
different behavioral biometrics and knowledge-based parameters for
verifying customers. But the disadvantage there is that the
additional security layers slow down the verification process,
which can lead to lost customers (especially younger
generations).
Another largely unknown fraud technique that’s a particularly
significant, common threat amid the COVID-19 outbreak involves
using SSNs stolen from recently-deceased individuals and public or
breached information to create synthetic identities (and even
synthetic families with a spouse and kids).
Cybercriminals then establish creditability for those synthetic identities using a variety of tactics, such as making online transactions and leaving a digital trail of breadcrumbs – allowing them to eventually load up on loans and credit, spend it all and vanish. Sanjay can discuss this growing threat, how identity theft is changing during the pandemic, and how businesses and consumers can help prevent it.
Sanjay Gupta from Mitek discusses how online marketplaces are leveraging biometrics in customer onboarding and how they can balance security with usability. We also talk about how cybercriminals are capitalizing on the recently-deceased and creating synthetic identities and synthetic families.