In a recent CyberWire podcast, TransUnion’s Sr. VP of Global Fraud Solutions, Shai Cohen, was asked what today’s consumers should know when it comes to fraud.
“You should assume that your information is already on the dark web, and fraudsters already possess it.”
Shai went on to say that consumers should take extra care to seek out businesses whose online services are set up to digitally protect their data. Being mindful of a company’s security measures when opening a new account, paired with common sense practices like not opening emails or texts from strangers, gives consumers peace of mind - and has also become fairly commonplace.
In a survey we ran last year, for instance, we found that when selecting a financial institution, 3 out of 4 consumers felt that keeping their personal information private and having excellent security and fraud prevention protections in place were must-have decision factors.
Of course, preventing fraud and verifying identities can be complicated, and is an ongoing battle as fraudster methods become more sophisticated - particularly during a global pandemic where tactics like account takeover, phishing and synthetic identity fraud are being used to target the most vulnerable. For businesses offering goods and services online, it’s key to know how to protect your organization and your customers, as well as the steps you can take to build meaningful trust with them.
To hear what Shai has to say about staying vigilant against evolving fraud while delivering friction-right consumer experiences, listen to this recent segment of the CyberWire podcast.
TransUnion’s global fraud and identity solutions are uniquely positioned to assist organizations attain these objectives through a modern approach to identity. To find out how our team can help your business navigate identity proofing during COVID-19 and beyond, request a demo with us.