Nicosia, Cyprus (PRWEB) July 20, 2016 -- A bomb was dropped earlier this month (5 July 2016) and it’s not Brexit. It may be even more seismic. In their periodical fraud report, UK’s fraud prevention service CIFAS reported a “huge rise” of +57% ID fraud in the UK. That in itself is alarming but not surprising. What should get you worried is the fact that this ballistic rise in (reported) ID fraud many not be detected by the means you’re using now…
According to CIFAS report (Source: http://www.bbc.com/news/uk-36701297):
1. “Facebook, Twitter and LinkedIn had become a 'hunting ground' for identity thieves”.
2. ”Most fraudsters assumed the identity of a real person after accessing their name, date of birth, address and bank details… Only a small fraction of stolen data is obtained by hacking victims’ computers.
This should leave the lights on at Risk and Compliance officers’ office!
This means that the common, KYC regulations mandated, practice of checking customer data against identity verification and credit rating services may be useless in too many cases. Very likely the data checked may be real data of a genuine innocent person and will check positive!
As Simon Dukes, chief executive of Cifas, said: “Fraudsters are opportunists. As banks and lenders have become more adept at detecting false identities, fraudsters have focused on stealing and using genuine people’s details instead” (See: http://www.telegraph.co.uk/money/consumer-affairs/sharp-rise-in-identity-fraud-as-scammers-use-facebook-and-other/).
Is there a way to protect against fraud based on genuine stolen identity?
Luckily yes, says AU10TIX experts: that is, if you have the appropriate technology. According to regulations, customers are required to submit their government issued face ID documents as the basis for identity proofing and qualification. The reason is that these documents contain the exact data as recorded in the different data referencing services and that these are identity documents that contain security (i.e. forgery detection) features. The only problem in the online, Customer-Not-Present – Document-not-Present, space what service providers are getting is not the original document but a photo of it taken by customers. Many of the anti-forgery features in ID documents cannot be checked when the photo has been taken with a (typically) mobile phone camera or office scanner. The qualities of the images submitted are often not “optimal,” to say the least. On the other hand, photos of ID documents can be manipulated using readily available software tools, many of which are even freeware.
Luckily, 2nd generation ID image authentication technology is already available on the market. Actually, an increasing number of major players are already using it to screen large volumes of ID images coming from anywhere around the world. The big difference in 2nd generation online ID document technology is in the way forgery and synthetic forgery attempts are detected and in the ability to handle sub-optimal image qualities. While 1st generation solutions rely primarily on OCR and succeed mostly with ID that contain MRZ codes and barcoded data, 2nd generation technology goes forensic and checks for image file manipulation as well as augment risk data encoded into the file. 2nd generation ID authentication and onboarding technology may be the only practical way to block forged ID document images even if the data they contain is genuine (but stolen).
It is highly recommended, says AU10TIX: to have in place, as minimum, a 2nd generation ID authentication service whose outputs are then checked against identity verification and screening services. Without it you’re running the risk of staying blind to fraud that the bulk of which is based on genuine stolen personal data. If CIFAS is correct than you better make sure that the data you’re checking comes from an ID image that has been screened for manipulation and synthetic forgery by 2nd generation technology.
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.
For more information, visit http://www.au10tix.com
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process. For more information, visit http://www.icts-int.com
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.
Ofer Friedman, VP Marketing
Tel.: +357 (22) 007698
ICTS International NV
Tel.: +31-20-716 3421
Ofer Friedman, AU10TIX, http://www.au10tix.com, +972 504717150, [email protected]