As we prepare for the Digital Identity Summit, which we are hosting next week in Los Angeles, we take stock of the scale of the issues facing businesses today, that can be solved by finding a better way to establish identity online.
It’s no secret that businesses today face an increasingly hostile threat landscape as a downstream result of data breaches and malware.
In the first half of 2018 alone, there were 361 million cyberattacks detected and stopped on the ThreatMetrix Digital Identity Network. Across all industries, an average of one out of every 10 new account creations are now fraudulent, as cybercriminals monetize all that stolen identity data from each new breach by opening new lines of credit and setting up fraudulent new accounts.
Account takeover attempts, meanwhile, are up 202% year-on-year. Call center fraud is up 113%. And a record 1.6 billion bot attacks were launched in criminal efforts to perform credentials testing at mass scale.
At the same time, businesses find themselves racing to serve today’s omni-channel consumer across the enterprise.
Their goal, of course, is to provide a slick, seamless and compelling customer experience spanning physical locations, to call centers, to online and mobile self-service channels and beyondâ€”without sacrificing security against an exploding number of threats.
All of which means that transacting in today’s global economy means businesses must defend themselves from fraudsters while simultaneously meeting the ever-growing demands of today’s omni-channel consumer.
The Emergence of Digital Identity
These and other developments have sparked a revolution in digital identity aimed at verifying and assessing the identity of customers and prospects in order to make accurate trust decisions at the point of each transaction.
The major shift in recent years for fraud detection has been a move from retrospective and manual analysis to spot fraud, towards real-time analysis with efforts centered on the now. This has seen a shift from a dependence on purely static forms of identification to more dynamic approaches that enable real-time authentication and give insight into true digital identity.
Today, many visionary organizations are going even furtherâ€”embracing next-generation, cognitive technologies with the ability to assess ever-changing patterns in identity and behavioral attributes. This gives them the power to not just reactâ€”but anticipate what’s next.
Increasingly, the insight we need to establish true identity online, based on individualsâ€™ ever-evolving behaviors, transactions, accounts, devices and moreâ€”is far more comprehensive, seamless, and instantly available to businesses.
This insight is global, spanning multiple industries across thousands of leading companies and billions of monthly transactions.
But it’s also becoming far more holistic, bridging the gap between digital and physical worlds in order to turn that insight into actionable and yes, predictive, intelligence through today’s most advanced technology innovations.
These 360-degree identity insights are helping businesses navigate digital disruption and mitigate and detect cyber threats by leveraging analytics, verification, authentication and investigation solutionsâ€”while giving their customers the frictionless access to services they demand.
Solving Big Issues
We see identity as key to solving some of the major challenges facing society today, for example enabling greater financial inclusion and transparency to people everywhere, often for the first time in their lives.
Identity insights also help meet sanctions and spot activity connected to money laundering, global terrorist financing and human trafficking. In fact, LexisNexis Risk Solutions has helped law enforcement locate and find over 800 missing children.
Indeed, the central purpose of obtaining better ways to establish identity online is to prevent fraudsters and other criminals from stealing people’s identities and using them to malign endsâ€”physical, digital, financial or otherwise. By tackling the problem of crime online, we are enabling the digital economy to flourish safely and securely.
Which means digital identity promises a better tomorrow for us all.
Taking Center Stage
That’s the power to predict in action. And it’s the theme that will take center stage at the Digital Identity Summit next week, a who’s-who of distinguished business and technology leaders gathering to discuss all aspects of digital identity and share insights that can benefit organizations of all sizes doing business in a global economy.
Our Los Angeles event is taking place at the Terranea Resort, September, 12-14, 2018.
Please visit www.digitalidentitysummit.com for more details.