23 March 2018
visit www.nextgenbanking.co.uk

Meridien urges bank crackdown on identity theft

11 July 2002  |  2801 views  |  0 Meridien urges bank crackdown on identity theft

Identity theft is increasing at a dramatic rate in the United States, the United Kingdom, and other mature markets and financial institutions must take the initiative to stem the tide of this growing threat, says a new report from Meridien Research.

According to Dennis Behrman, analyst at Meridien Research and co-author of the report, institutions have continued to grant identity thieves access to financial facilities even after victims have notified authorities and placed fraud alerts on their financial records.

"Without adequate attention and due diligence, identity theft will continue to spiral upwards to become so costly that the only valid mitigation of the risk will involve withholding customer-demanded services over certain channels," warns Behrman.

The Meridien report, "ID Verification Solutions: a Floodlight on the Den of Identity Thieves," predicts the lion's share of spending on identity verification solutions over the next five years will be directed toward transaction fees from service providers. Consumer data is the critical ingredient to identity verification, and that ingredient is sold by volume. The research firm expects skewed spending geographically, with the industrialised economies spending more heavily.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
Register your place todayvisit www.ebaday.comwww.currencycloud.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
14437 views 0 | 8 tweets | 5 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
11848 views comments | 16 tweets | 35 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
11440 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
10490 views comments | 14 tweets | 31 linkedin
Germany's N26 readies for US launch with EUR110 million capital injection led by Allianz and TenCentGermany's N26 readies for US launch with E...
8298 views comments | 14 tweets | 10 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job