{"id":6678,"date":"2023-04-03T22:50:13","date_gmt":"2023-04-03T22:50:13","guid":{"rendered":"https:\/\/telesignstage.wpenginepowered.com\/?p=6678"},"modified":"2024-01-19T15:44:26","modified_gmt":"2024-01-19T15:44:26","slug":"fraud-the-digital-epidemic-of-our-time","status":"publish","type":"post","link":"https:\/\/www.telesign.com\/es\/blog\/fraud-the-digital-epidemic-of-our-time","title":{"rendered":"Fraud: The digital epidemic of our time"},"content":{"rendered":"\n\n\n<p class=\"wp-block-paragraph\">Mobile World Congress. It\u2019s the pinnacle of mobile technology where leading brands, experts, and innovators explore the latest trends, technologies, and ideas that are shaping the future of business. From product launches and keynote speeches to immersive exhibits and expert discussions, Mobile World Congress (MWC) <a href=\"https:\/\/www.mwcbarcelona.com\/\">2023<\/a> offered an insider\u2019s look into how today\u2019s technology is primed to tackle tomorrow\u2019s challenges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But not every session at MWC was future-focused. Today, business leaders and consumers alike are experiencing a digital epidemic. Last year alone, nearly 5% of the global GDP was lost to fraud. That\u2019s a $2 trillion loss that continues to snowball. Business leaders need to act today while preparing for tomorrow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To equip MWC attendees with actionable fraud prevention strategies and to share visions for the future of digital identity, I participated in a panel discussion, Breaking Down Fraud. Joining me on stage was a diverse group of experts, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Blair Cohen, CEO of Authentic ID<\/li>\n\n\n\n<li>Paul Tang, Member of the European Parliament<\/li>\n\n\n\n<li>Sulabh Agarwal, Global Payments Lead, Accenture<\/li>\n\n\n\n<li>Tamzin Booth, Partner, Brunswick Group &amp; moderator<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The discussion covered everything from multilayered fraud defense and the power of mobile identity, to the financial consequences and the future of digital identity, including the emerging concept of self-sovereign identity. In this blog post, I\u2019ll recap some of the key themes from our discussion.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.telesign.com\/es\/blog\/fraud-the-digital-epidemic-of-our-time\/#why-fraud-continues-to-rise-and-the-importance-of-a-multilayered-fraud-defense\" >Why fraud continues to rise and the importance of a multilayered fraud defense<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.telesign.com\/es\/blog\/fraud-the-digital-epidemic-of-our-time\/#the-power-of-mobile-identity\" >The power of mobile identity<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"why-fraud-continues-to-rise-and-the-importance-of-a-multilayered-fraud-defense\"><\/span>Why fraud continues to rise and the importance of a multilayered fraud defense<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the best efforts of businesses and technology vendors, fraudsters continue to find new ways to exploit vulnerabilities and steal billions of dollars every year. It\u2019s a game of whack-a-mole, and the fraudsters are winning. In fact, 2021 was the first time the number of successful fraudulent attacks outnumbered those prevented.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why are fraudsters so effective?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In today\u2019s digital world, there are more people, devices, transactions, and interactions happening online than ever before. For example, on your phone, there\u2019s screen after screen of applications\u2014each with an individual login, different sets of data, and vulnerabilities fraudsters can exploit. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.telesign.com\/whitepaper\/2023-state-of-fraud\"><img decoding=\"async\" width=\"1024\" height=\"299\" src=\"https:\/\/www.telesign.com\/wp-content\/uploads\/2023\/08\/fraud-the-digital-epidemic-of-our-time-6-1024x299.png\" alt=\"A microscope over people.\" class=\"wp-image-13773\" srcset=\"https:\/\/www.telesign.com\/wp-content\/uploads\/2023\/08\/fraud-the-digital-epidemic-of-our-time-6-1024x299.png 1024w, https:\/\/www.telesign.com\/wp-content\/uploads\/2023\/08\/fraud-the-digital-epidemic-of-our-time-6-300x88.png 300w, https:\/\/www.telesign.com\/wp-content\/uploads\/2023\/08\/fraud-the-digital-epidemic-of-our-time-6-768x224.png 768w, https:\/\/www.telesign.com\/wp-content\/uploads\/2023\/08\/fraud-the-digital-epidemic-of-our-time-6.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Consumers are an easy target. We reuse passwords, click on suspicious links, and overshare online. But even with the best security stack, businesses and consumers are still at risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What\u2019s the best fraud defense?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Attack vectors are endless. Identity theft, chargebacks, communication fraud, promotion abuse, brute force attacks, account takeover, and countless more\u2014there\u2019s not a single vendor that can defend against everything. Unlike any other industry, the fraud prevention sector is made up of partners, alliances, and complementary solutions. To get one step ahead of fraudsters, businesses need to build a comprehensive, multi-layered fraud stack. Many platforms, vendors, and data sources are effective alone, but the true power of the industry is unlocked when they\u2019re used in tandem. It truly is a 1+1=3 mindset.\u202f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the-power-of-mobile-identity\"><\/span>The power of mobile identity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The phone number and the data it possesses are powerful. To prove its utility, MIT published an eye-opening <a href=\"https:\/\/news.mit.edu\/2013\/how-hard-it-de-anonymize-cellphone-data\">study<\/a>, which concluded: with four random data points, mobile carriers could identify 95% of the population. While scary, the MIT study demonstrates the power of mobile data. It should be an essential element in every fraud stack. With a range of use cases, mobile identity can help businesses solve many of their pressing challenges\u2014identity proofing, user authentication, account takeovers, and more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How Telesign\u2019s mobile identity fights fraud<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Telesign&#8217;s mobile identity data provides an effective defense against fraud. Using just a phone number, Telesign can help determine whether a user is fraudulent and prevent bots and fake users from creating new accounts. We strengthen KYC and user risk profiling by layering contact and subscriber status into sign-up flows. We also incorporate phone attributes like SIM Swap, Porting History, Number Deactivation, and Call Forwarding detection to prevent one-time passcodes from being intercepted and accounts from being taken over.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At every stage of the customer journey, mobile identity data plays a crucial role in ensuring the safety of businesses and their customers. With Telesign&#8217;s mobile identity data, businesses can fight fraud with confidence, knowing that they have the necessary tools and technologies to protect their enterprise and their customers&#8217; accounts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*The MWC recap continues in <a href=\"https:\/\/www.telesign.com\/blog\/fraud-digital-epidemic-part-two\">part two<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mobile World Congress. It\u2019s the pinnacle of mobile technology where leading brands, experts, and innovators explore the latest trends, technologies, and ideas that are shaping the future of business. From product launches and keynote speeches to immersive exhibits and expert discussions, Mobile World Congress (MWC) 2023 offered an insider\u2019s look into how today\u2019s technology is<\/p>\n","protected":false},"author":1,"featured_media":6681,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[155],"tags":[149,382,392],"class_list":["post-6678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-event","tag-fraud","tag-identity","tag-mwc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fraud: The digital epidemic of our time<\/title>\n<meta name=\"description\" content=\"At the most recent MWC (Mobile World Congress), I was able to get some good insight into how fraud is behaving and how to stop it.\" 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