Increase in Online Identity Theft

For the past three years, Internet fraud has been on the
rise. Despite all the advances in online security, the Internet
Crime Complaint Center
(IC3) logged more than 300,000 complaints of
identity theft totaling a whopping $485.3 million in losses last year. Even
though these numbers are lower than the peak in 2009, it causes concerns to
financial institutions and businesses alike. Of the top five types of Internet
fraud reported in 2011, identity theft was number two. Even though the ratio of
complaints to actual financial loss was lower 2011, there was an increase in
the amount of complaints. This can reflect a number of things, maybe people are
more apt to complain or maybe certain security measures are stopping thieves
before they can conduct any harm.

How can companies help to prevent these types of online
fraud? It certain cases, it may mean a pricey restructure of fraud prevention
and high-tech monitoring systems. For small businesses and
companies without the budget and/or manpower, there may be a simpler solution
to help reduce the amount of Internet fraud affecting their company. EVS
offers identity verification and authentication solutions for companies in
online environments. So much of the fraud happening online could be prevented
by early detection of a stolen identity. By enforcing identity verification and
authentication, thieves will be stopped by knowledge
base authentication
, which generate a roadblock for online users, which
only the true identity could pass. These tactics and support will help lower
the amount of complaints and losses caused by online fraud.

[Contributed by, EVS Marketing]

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