The cost of online identity fraud to businesses can be staggering. CSID reported that U.S. businesses lose an estimated $50 billion to identity fraud each year. That’s too big a piece of the bottom line to lose to a preventable problem.
If online identity fraud can be prevented, why does it remain a challenge? According to a study conducted by Forrester on behalf of ID.me, it’s because businesses keep trying to fight a new, ever-shifting threat with old tools. The safeguards of the past–such as using static identifiers or credit-file header data to authenticate identity–simply aren’t strong or sophisticated enough to defend against today’s hackers. To make matters worse, organizations that do try to increase security end up sacrificing their smooth user experiences in the process.
The solution to this “damned if you do, damned if you don’t” situation is federated identity verification (IDV). Using federal standards as a guide, federated IDV creates single sign-on logins that are easy for consumers to use and tough for fraudsters to crack. Forrester found that 85% of decision-makers in fintech, govtech, or financial service firms said federated IDV with SSO would reduce their organizations’ risk for identity theft and fraud.
Want to learn more about online identity fraud and federated IDV?
On June 7, ID.me hosted Andras Cser, VP and Principal Analyst at Forrester, to discuss online identity fraud and federated IDV in the free webinar, “Bridging the Gap Between Customer Experience and Fraud Prevention.”
The entire webinar is publicly available on Youtube.
Protect Your Organization from Online Identity Fraud
Online identity fraud costs businesses billions of dollar a year. Learn how businesses can prevent online identity fraud.Download