JERICHO, N.Y.--(BUSINESS WIRE)--Intellicheck (NYSE AMERICAN: IDN) Interim CEO Bill White believes the real impact of the tidal wave of data breaches has yet to be fully recognized. He cautions that financial institutions, retailers and businesses in general are at a crossroads because of the unprecedented compromise of consumer information from the more than 1,200 data breaches that occurred in 2017 and what is yet to come in 2018.
“Data breaches involving critical personal identifiers that include social security numbers and dates of birth have created a new dimension in identity theft that goes far beyond the threats that everyone from financial institutions to retailers have been faced with to date. Fraudsters have been provided with a treasure of information that has an infinite shelf life compared to typical stolen credit card data,” White said.
“The first step in tackling the problem is to recognize the missing link. The missing piece of authentication needed for a fraudulent transaction to occur is typically a picture ID that is most easily obtained by means of a fake driver license. Consumers and retailers alike need these ID documents to be authenticated now more than ever to ensure that a consumers’ personal data is utilized only by them,” White explained.
White said there is a way to stop fraudsters. “With all that personal information in hand, the one way to stop a fraudulent transaction is to validate the customer’s identity by quickly and accurately authenticating a verifiable, government issued ID like a driver license.”
White noted that financial institutions as well as businesses must move quickly to adopt identification authentication technology solutions that thwart account-centric attacks, while engaging customers.
“Sophisticated, readily available fake IDs will easily defeat old school methods like a visual inspection, but they won’t stand up to the scrutiny of state-of-the-art authentication technology solutions that provide immediate, accurate results. Whether you consider online, mobile or point of sale transactions, fraudsters will continue to proliferate fraudulent activity without the right technology solution. The focus has to be on the adoption of real-time response technology solutions to defeat fraudsters, while providing a frictionless customer and adopter experience,” White concluded.
The Equifax breach of 2017 resulted in the compromise of personal data for more than 143 million consumers. The 15% growth in data breaches in 2017 comes on the heels of a 40% spike in data breaches in 2016. Incidents of data breaches are expected to continue to increase in 2018. According to the Javelin consulting firm, the total loss in fraudulent e-commerce transactions alone will jump to nearly $19 billion in 2018.
For information on Intellicheck’s ID authentication technology solutions, email email@example.com or call 516-992-1900 Ext. #3.
About Intellicheck NYSE American: IDN Intellicheck is a trusted industry leader in technology solutions that provide real-time threat identification and identification authentication. Intellicheck’s Retail ID, Retail ID Mobile and Retail ID Online curtail fraudulent transactions including fraudulent new account opening, account take over and card not present fraud with an uncompromising customer experience. The technology solutions read, analyze and process the encoded information on driver licenses and other government issued IDs. The state-of-the-art products achieve a critical balance of efficacy and ease of use with real-time response and a 99.9% accuracy rate. Our technology solutions make it possible for our clients to increase revenues, enhance the safety and awareness of their facilities and people, improve customer service, and increase operational efficiencies. Founded in 1994, Intellicheck has grown to serve dozens of Fortune 500 companies including financial industry and business clients, police departments, national defense clients at agencies, major seaports, and military bases, and diverse state and federal government agencies. The Company holds 25 patents including many patents pertaining to identification technology. For more information on Intellicheck, visit http://www.intellicheck.com/ and follow Intellicheck on Twitter @IntellicheckIDN, on Instagram @IntellicheckIDN, on LinkedIn https://www.linkedin.com/company/intellicheck-inc-, on Facebook https://www.facebook.com/intellicheckidn/, on YouTube https://www.youtube.com/user/ICMOBIL, and read Intellicheck’s latest blog post at http://intellicheckidn.com/.
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