{"id":392645,"date":"2020-12-03T08:16:26","date_gmt":"2020-12-03T13:16:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392645"},"modified":"2020-12-03T08:16:26","modified_gmt":"2020-12-03T13:16:26","slug":"banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\/","title":{"rendered":"Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud"},"content":{"rendered":"

<\/p>\n

Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud<\/b><\/p>\n

MELVILLE, N.Y.–(BUSINESS WIRE<\/a>)–
\nWith the holiday shopping season in high gear and COVID-19 cases continuing to skyrocket, identity theft and fraud is occurring at a record pace. According to the FBI, reported cybercrimes alone have risen 300% since the beginning of the pandemic. Fraudsters are using the abundance of stolen personal identifiable information to take over existing accounts, create new accounts, take out loans and even purchase automobiles.\n<\/p>\n

\nIdentity theft and fraud expert Bryan Lewis, CEO of Intellicheck<\/a>, Inc. (Nasdaq: IDN), said financial institutions and retailers are faced with a double-edge sword. \u201cThe damaging impact of identity theft and fraud cuts two ways. The financial losses from these incidents are significant, but it doesn\u2019t stop there. The losses from customer abandonment and diminished brand reputation can be irreparable.\u201d\n<\/p>\n

\nWith a reported one in five people impacted by identity fraud this year, it is no surprise that a survey shows 67% of Americans fear identity theft. Losses attributed to identity theft were a staggering $16.9 billion in 2019 and many experts expect that number to rise when the final numbers are tallied for 2020.\n<\/p>\n

\nLewis noted that most banks and retailers avoid making fintech changes during the hectic and critical holiday shopping season and bad actors know it. With risk profiles up, Lewis said each organization needs to rethink that strategy. Explaining that some technology solutions can be quickly and easily implemented, he recommends that every organization ask a simple, but crucial question. \u201cWhether it is a person-not-present or person-present transaction, can you quickly and confidently say that the individual is who they say they are? Authentication is vital for consumer trust and protection of the bottom line.\u201d\n<\/p>\n

\nIntellicheck is an industry leader in identification authentication. The Company\u2019s proven technology solutions provide real-time customer identification authentication that quickly, and with 99% effectiveness, prevent fraud through a frictionless customer experience. Intellicheck\u2019s authentication solutions are in use at more than 30,000 retail locations, 3,000 bank branches and 54 law enforcement agencies.\n<\/p>\n

About Intellicheck<\/b><\/p>\n

\nIntellicheck (Nasdaq: IDN) is a trusted industry leader in technology solutions that stop identity theft and fraud with real-time identification authentication and age verification. We make it possible for our clients to increase revenues, improve customer service, and increase operational efficiencies. The company is focused on partnering with banks, credit card issuers and retailers to prevent fraud. Intellicheck also serves law enforcement agencies, national defense clients and diverse state and federal government agencies. For more information on Intellicheck, visit us on the web<\/a> and follow us on follow us on LinkedIn<\/a>, Twitter<\/a>, Facebook<\/a>, and YouTube<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201203005066\/en\/<\/a><\/span><\/p>\n

\nMedia and Public Relations:Sharon Schultz (302) 539-3747
\n
Investor Relations: Gar Jackson (949) 873-2789\n<\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Security Food\/Beverage Retail Other Professional Services Other Technology Convenience Store Software Online Retail Banking Professional Services Department Stores Technology Mobile\/Wireless Restaurant\/Bar Other Retail Wine & Spirits Small Business Tobacco Supermarket<\/p>\n

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Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud MELVILLE, N.Y.–(BUSINESS WIRE)– With the holiday shopping season in high gear and COVID-19 cases continuing to skyrocket, identity theft and fraud is occurring at a record pace. According to the FBI, reported cybercrimes alone have risen 300% since the beginning of the pandemic. Fraudsters are using the abundance of stolen personal identifiable information to take over existing accounts, create new accounts, take out loans and even purchase automobiles. Identity theft and fraud expert Bryan Lewis, CEO of Intellicheck, Inc. (Nasdaq: IDN), said financial institutions and retailers are faced with a double-edge sword. \u201cThe damaging impact of identity theft and fraud cuts … <\/p>\n

Continue reading “Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-392645","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBanks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud MELVILLE, N.Y.–(BUSINESS WIRE)– With the holiday shopping season in high gear and COVID-19 cases continuing to skyrocket, identity theft and fraud is occurring at a record pace. 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(Nasdaq: IDN), said financial institutions and retailers are faced with a double-edge sword. \u201cThe damaging impact of identity theft and fraud cuts … Continue reading "Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-03T13:16:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20201203005066r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud\",\"datePublished\":\"2020-12-03T13:16:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/\"},\"wordCount\":530,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20201203005066r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banks-and-retailers-urged-to-update-fraud-prevention-tools-to-protect-consumers-and-stop-surging-identity-theft-and-fraud\\\/\",\"name\":\"Banks and Retailers Urged to Update Fraud Prevention Tools to Protect Consumers and Stop Surging Identity Theft and Fraud - 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