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Yes, our data show a correlation between some higher users of social media and identity fraud, yet this story screams of media sensationalism to me. There are just too many variables at play, such as the presence of multiple residents in many homes that are waiting to thwart the would-be burglar. Certainly it's foolish to share too much on social media sites, and this includes all that information commonly used by companies to return lost passwords, such as your mother's maiden name or that of your favorite pet. We conduct a survey of 5,000 US adults each year to find correlations between risk profile and actual fraud, and there *are* behaviors that lead to higher risk. We need consumers to stop the sharing of data via both high and low-tech methods, and we also need greater use of the latest monitoring capabilities for existing and new account fraud. Bank alerting systems aren't completely up to the task just yet, but they are evolving quickly.
Having said all that, anything that makes consumers more vigilant about Prevention, Detection and Resolution(TM) of identity fraud is a good thing!
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Eimear Oconnor COO at Form3 Financial Cloud
07 November
Karla Booe Chief Compliance Officer at Zeta Services Inc.
Kyrylo Reitor Chief Marketing Officer at International Fintech Business
06 November
Konstantin Rabin Head of Marketing at Kontomatik
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