23 October 2017
visit www.response.ncr.com

Meridien urges bank crackdown on identity theft

11 July 2002  |  2752 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)
visit www.innotribe.comvisit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19721 views comments | 31 tweets | 43 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15271 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11019 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9123 views comments | 15 tweets | 29 linkedin

Featured job

circa £250K total package

Find your next job