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What worked yesterday, won’t : In the past, you could prevent fraud just by assessing identity risk at
account opening.
Identity risk was confined to a single event, and exposure to financial loss was limited. A crook might spend the credit available on a fraudulently opened retail card or make bad deposits into a bank account and then spend the deposited amount before it was returned — but the damage was minimal.
What worked yesterday won’t work today…
Once confidence in the consumer’s identity was established, risk moved away from identity fraud toward transaction-oriented fraud. A card or checkbook might be stolen, but the consumer’s identity wasn’t considered a factor subject to compromise.
What worked yesterday won’t work today, and definitely won’t work tomorrow
With digital commerce, the individual’s identity and online credentials are the primary means of accessing deposits, borrowing money and making purchases. Consumer identity is now a vulnerability. Criminals don’t need to steal a debit card if they can log on to an account and transfer funds.
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