Whitepapers & eBooks

Fighting Fraud On The Small Screen

Issue link: https://resources.datadrivenmarketing.equifax.com/i/670219

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Fighting Fraud On The Small Screen Comprehensive Fraud-mitigation Solutions Support Consumer-friendly Mobile Device Account Origination Account access via mobile devices is exploding. For example, in the banking industry the number of people using their mobile devices to access their accounts was projected to reach 1 billion by the end of 2015. 1 By 2020, 2 billion people will use their mobile devices for banking purposes across the globe. Meanwhile, the number of financial accounts opened on mobile devices jumped 60% from 2013 to 2014. 2 This trend presents both an opportunity and risk for financial institutions. Without effective safeguards in place, mobile devices are vulnerable to fraud. The same convenience that mobile devices provide to their rightful owners is enjoyed by fraudsters, too. The efficiency of mobile account opening enables fraudsters to "visit" a much larger number of organizations to open accounts — all from the same place. This executive brief reviews how robust fraud-prevention solutions can be applied to mobile devices to mitigate the risk of identity fraud during account opening while creating a user-friendly experience to reduce abandonment. 1 Juniper Research, "Mobile Banking Users to Exceed 1 Bn This Year, Representing Nearly 1 in 5 of Global Adult Population" (press release), Oct. 2015 2 Javelin Strategy & Research, Making Digital Account Opening Simpler, Safer, and Seamless, Sept. 15, 2015

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