Precise verification of consumer contact information is a critical aspect of doing business and vital to creating positive customer experiences. Our sister company, Loqate, found that businesses lose over $190,000 a year due to faults in fulfilment. Poor contactability can be a factor in a negative customer experience which is estimated to cost businesses between $75 billion and $1.6 trillion per year. Loss of future revenue is also a factor, given 81% of consumer say they’ll leave a company due to lacklustre customer service.  A business could face regulatory issues if sensitive document ..read more

Fraudsters continue to innovate in a highly digital environment, jumping from industry to industry looking for vulnerabilities to exploit. Digital fraud doesn’t recognize national borders, stop with a single business or remain within a single industry. Tax season in particular, which often runs from January 29 through April 15, can prove to be a big potential payout for fraudsters. Given key trends commonly seen during tax season, business must prepare themselves to deter surging fraud. With a layered defense that relies on AI precision, human intuition and cross-industry intel, businesses are ..read more

As consumers and fraudsters continue to embrace the digital landscape, businesses must look for ways to efficiently deter risk through a comprehensive verification workflow without introducing unnecessary friction. Forty-six percent of consumers surveyed in GBG’s Global State of Digital Identity signed up for a bank account in 2023. The same report found that 1 in 7 consumers said they had been a victim of fraud in 2023, and over half of businesses experienced known or suspected fraud attempts in the same period. The clear upward trend in fraud shows a need for enhanced onboarding due diligenc ..read more

Bonus abuse in iGaming is when players exploit promotional offers meant for new users. It involves signing up to an iGaming service multiple times via multi-accounting, using marketing offers intended for new customers, and cheating the system of bonuses offered by operators. Sign-up promos, free spins and introductory offers are all great ways to boost sales, increase brand awareness and attract new customers. But what they also attract is fraud, fraud that can lead to huge revenue losses; reportedly bonus abuse is booming costing the iGaming sector around 15% of its annual gross revenue ..read more

Preventing fraud is on track to be a major priority throughout 2024, with GBG’s Global State of Digital Identity showing businesses will respond to rising fraud with more significant investments in preventative solutions. This sentiment can be attributed to the expansive digital adoption from previous years and the fact that consumers heavily embraced the digital landscape. An effective strategy for deterring fraud is to rely on advanced identity verification. However, not all solutions offer the same level of protection. Having a multi-pronged verification strategy can support financial insti ..read more

Digital transformation in the insurance industry is streamlining the onboarding and underwriting process, making it easier and faster for customers to get coverage. Mobile apps allow for anytime-anywhere access to policies and customer service, while self-service platforms enable policyholders to submit claims online. Though their digital practices are not as mature as in other financial sectors, insurers are embracing a digital future.   Close attention is being paid to customer experience (CX), with of insurance companies saying that improving CX is a key driver in their digital tr ..read more

With no physical borders constraining the digital world, any business can trade globally, and this creates enormous opportunities, but it also presents new threats and challenges. The digital frontiers we encounter online are things like trust, speed, accuracy and customer experience – these can all throw up barriers to business, but they can all be overcome with the right technology and data. Businesses operating online must take care to ensure that the customers they encounter are genuine and they know who they are dealing with.  From banking and financial services to healthcare and g ..read more

It’s not surprising that artificial intelligence (AI) and its emerging role in the financial sector was a hot topic at Money20/20 this year. Thought leaders, experts, and disruptors came together to explore how AI is being applied to financial services today and how it could be used in the future. IDology’s chief product officer, Heidi Hunter, presented “Why AI Needs Humans,” a talk that explored the risks and rewards associated with AI and a path forward for organizations to leverage it responsibly. While there’s no doubt that AI will be transformative for financial services, Hunter’s talk hi ..read more

It’s not surprising that artificial intelligence (AI) and its emerging role in the financial sector was a hot topic at Money20/20 this year. Thought leaders, experts, and disruptors came together to explore how AI is being applied to financial services today and how it could be used in the future. IDology’s chief product officer, Heidi Hunter, presented “Why AI Needs Humans,” a talk that explored the risks and rewards associated with AI and a path forward for organizations to leverage it responsibly. While there’s no doubt that AI will be transformative for financial services, Hunter’s talk hi ..read more

From the perspective of identity verification, contactability is about building a more accurate and holistic picture of customers with risk signals that include email, phone number, mobile device, deliverable address and more. Contactability, especially as it relates to email, is critical given how central email is to how consumers interact online. Email is a fundamental attribute that underlies every online login, 47% of consumers state that email is an important part of their identity. Which rated higher with consumers than their passports and their DOB. It’s easy to see why an email address ..read more