Stop fraudsters in their tracks & strengthen institutional loyalty

by Alkami

According to Javelin’s 2023 Identity Fraud Study: The Butterfly Effect, identity fraud losses totaled $43 billion in 2022, a 17% decline from 2021. While rates of identity theft may have decreased in the past year, cybercriminals are becoming more creative in their fraud tactics. Financial institutions (FIs) should remain on the offense and stay vigilant by strengthening their fraud prevention strategy while prioritizing their account holders’ experiences. Below we will discuss these three ways to safeguard the identity of your account holders from identity theft:

  • Remove the fear factor from digital account opening
  • Improve security for your account holders & their identities
  • Deploy a layered security approach for day-to-day activities

It’s important to remember the person behind the bank account and the tangible impact on mental health as a result of an identity fraud attack. In Javelin’s report, they surveyed identity theft victims to humanize these crimes.

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