The Importance of Trusted User Identity Verification to Counter Fraud in the Financial Sector
Monetary gain is often the motivation behind criminals’ fraudulent activities, with data breaches, identity thefts, and account fraud continuing to challenge financial firms. As of 2020, the average annual cost to a financial institution exceeded $18 million. Furthermore, 8 out of 10 Americans fear that companies might be incapable of securing their confidential information. Therefore, …