News Topic: Identity theft
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Too many gaps in banks' fraud-prevention systems
Banks combat identity thieves by segmenting customer warnings
How Fed aims to help banks spot synthetic identity fraud
Why are complaints about credit bureaus soaring?
Identity fraud is soaring. Here's how one lender is attacking it.
Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers. ... Read full article
How to Protect Against Cyberwar & the Next Data Breach
Adam Levin addresses the threats of cyber fraud and identity theft and what you can do to protect your customers' privacy and credit security. ... Read full article
Fake ID fraud is declining, but small lenders are still vulnerable
Though synthetic identity fraud is down across the industry, there's been an uptake in such attacks targeting credit unions. ... Read full article
Data aggregators push back against notion they have a fraud problem
Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see. ... Read full article
Safeguard data on kids, reap customer retention rewards
Banks have to do a better job of protecting personal information about their customers' children. ... Read full article
CEO of failed credit union says examiner past helped fuel fraud
Edward Rostohar was arrested after his wife informed authorities he stole from CBS Employees Federal Credit Union and was preparing to flee the country. ... Read full article
Banks try to enlist DMVs to fight identity fraud; Marcus haunts London
Motor vehicle agencies are better suited to vet customers’ identities than banks; Goldman unit is stealing customers from big U.K. banks. ... Read full article
Banks need to stop relying on Social Security numbers
SSNs are used to verify identity across the financial services industry, but use of the numbers is outdated and leaves consumers vulnerable to data breaches. ... Read full article
Here’s what’s missing from a new mandate to prevent identity theft
The regulatory relief law passed this spring contained a measure to stop synthetic fraud, but the provision is incomplete. ... Read full article
Surge in hacked credit-card information offered for sale on web
As banks beef up defenses, hackers are targeting the weaker link: customers. ... Read full article
Little-noticed reg relief measure would combat card fraud
The provision would make it harder for criminals who use real Social Security numbers to create fake personas and then apply for credit. ... Read full article
Can blockchain ease banks’ digital-identity concerns?
A startup called Spring Labs has launched a blockchain network with the goal of getting lenders and data providers to share data to help verify customers' identity. ... Read full article
Can You File Bankruptcy if You Have Been the Victim of Identity Theft?
If you have been a victim of identity theft, you can file bankruptcy but you need to be prepared for potential complications. ... Read full article
Did banks’ KYC controls fail in Russian efforts to swing election?
Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers. ... Read full article
ID-verification firms seize on Equifax moment
The identity theft threat created by the Equifax hack and the growth of online lending have given software makers a platform to pitch products that rely on selfies, scans of driver’s licenses and other nontraditional ID methods. ... Read full article