PYMNTS Intelligence: Combining Pre-Submit and Post-Submit Data to Stop Digital Fraud
Identity fraud is a growing problem in the United States. Losses due to identity fraud were up 79% year over year in 2021 to a total of $52 billion, while the number of victims rose 50% to 42 million adults. Identity fraudsters leverage a wide variety of techniques, ranging from identity theft to the creation of synthetic identities compiled from various scraps of actual identity data.
With fraudsters constantly innovating ways to circumvent popular security measures such as multifactor authentication (MFA), biometrics and other forms of verification, cybersecurity providers are scrambling to catch up. Relying on this post-submit data can potentially let fraudsters through to steal funds or valuable information, damaging companies’ reputations in the process. Pre-submit data — such as how users swipe, type and behave during data entry — is also a valuable tool for stopping bad actors. This month, PYMNTS Intelligence explores how companies can use pre- and post-submit data in tandem to halt identity fraud and other forms of cybercrime.