Passfort, a leader in customer lifecycle management solutions, recently invited TransUnion to discuss the importance of fraud detection through consumer devices. In the podcast Gavin Barker, Head of Channel at TransUnion, shares how current risky behaviors have been impacting the consumer banking and digital payments industries as fraud has increased 11% in the financial services sector since March of 2020.
Top fraud trends such as stolen ID, account takeover (ATO) and application fraud are impacting the banking and payment markets. By utilizing device recognition, businesses can detect fraud related to the device itself.
As digital adoption continues to normalize, it is imperative that customers have a seamless experience when it comes to digital know-your-customer (KYC) solutions. With Passfort’s KYC automation and TransUnion’s fraud detection platform, businesses can continue to operate without concern of fraud and continue to seamlessly engage with their customers throughout the buying journey.
Listen to the podcast to learn more about fighting fraud within the financial services industry.