Identity theft and online fraud have grown as an increasing number of firms find themselves conducting business virtually. The pandemic has hastened this growth and many firms find themselves under-prepared. Organizations spend billions of dollars annually to mitigate the risks, and this spend could likely increase.
To become more effective in handling this larger number of anonymous business interactions firms need to assess the principal degree of trust: whether the firm can be assured that the person on the other end of the connection is who they claim to be.