Intellicheck Sees Sweeping Fraud Threat in Wake of Surging Data Breaches
January 10 2018 - 8:11AM
Business Wire
Intellicheck (NYSE AMERICAN: IDN) Interim CEO Bill White
believes the real impact of the tidal wave of data breaches has yet
to be fully recognized. He cautions that financial institutions,
retailers and businesses in general are at a crossroads because of
the unprecedented compromise of consumer information from the more
than 1,200 data breaches that occurred in 2017 and what is yet to
come in 2018.
“Data breaches involving critical personal identifiers that
include social security numbers and dates of birth have created a
new dimension in identity theft that goes far beyond the threats
that everyone from financial institutions to retailers have been
faced with to date. Fraudsters have been provided with a treasure
of information that has an infinite shelf life compared to typical
stolen credit card data,” White said.
“The first step in tackling the problem is to recognize the
missing link. The missing piece of authentication needed for a
fraudulent transaction to occur is typically a picture ID that is
most easily obtained by means of a fake driver license. Consumers
and retailers alike need these ID documents to be authenticated now
more than ever to ensure that a consumers’ personal data is
utilized only by them,” White explained.
White said there is a way to stop fraudsters. “With all that
personal information in hand, the one way to stop a fraudulent
transaction is to validate the customer’s identity by quickly and
accurately authenticating a verifiable, government issued ID like a
driver license.”
White noted that financial institutions as well as businesses
must move quickly to adopt identification authentication technology
solutions that thwart account-centric attacks, while engaging
customers.
“Sophisticated, readily available fake IDs will easily defeat
old school methods like a visual inspection, but they won’t stand
up to the scrutiny of state-of-the-art authentication technology
solutions that provide immediate, accurate results. Whether you
consider online, mobile or point of sale transactions, fraudsters
will continue to proliferate fraudulent activity without the right
technology solution. The focus has to be on the adoption of
real-time response technology solutions to defeat fraudsters, while
providing a frictionless customer and adopter experience,” White
concluded.
The Equifax breach of 2017 resulted in the compromise of
personal data for more than 143 million consumers. The 15% growth
in data breaches in 2017 comes on the heels of a 40% spike in data
breaches in 2016. Incidents of data breaches are expected to
continue to increase in 2018. According to the Javelin consulting
firm, the total loss in fraudulent e-commerce transactions alone
will jump to nearly $19 billion in 2018.
For information on Intellicheck’s ID authentication
technology solutions, email info@intellicheck.com or
call 516-992-1900 Ext. #3.
About Intellicheck NYSE American: IDN Intellicheck is a
trusted industry leader in technology solutions that provide
real-time threat identification and identification authentication.
Intellicheck’s Retail ID, Retail ID Mobile and Retail ID Online
curtail fraudulent transactions including fraudulent new account
opening, account take over and card not present fraud with an
uncompromising customer experience. The technology solutions read,
analyze and process the encoded information on driver licenses and
other government issued IDs. The state-of-the-art products achieve
a critical balance of efficacy and ease of use with real-time
response and a 99.9% accuracy rate. Our technology solutions make
it possible for our clients to increase revenues, enhance the
safety and awareness of their facilities and people, improve
customer service, and increase operational efficiencies. Founded in
1994, Intellicheck has grown to serve dozens of Fortune 500
companies including financial industry and business clients, police
departments, national defense clients at agencies, major seaports,
and military bases, and diverse state and federal government
agencies. The Company holds 25 patents including many patents
pertaining to identification technology. For more information on
Intellicheck, visit http://www.intellicheck.com/ and follow
Intellicheck on Twitter @IntellicheckIDN, on Instagram
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https://www.youtube.com/user/ICMOBIL, and read Intellicheck’s
latest blog post at http://intellicheckidn.com/.
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demand for Intellicheck’s existing and future products, whether
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whether Intellicheck will be able to execute its turn-around plan
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Intellicheck’s products and the presently anticipated growth in the
commercial adoption of the Company’s products and services,
changing levels of demand for Intellicheck’s current and future
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while increasing sales, customer results achieved using our
products in both the short and long term, success of future
research and development activities, Intellicheck’s ability to
successfully manufacture, market and sell its products,
Intellicheck’s ability to manufacture its products in sufficient
quantities to meet demand within required delivery time periods
while meeting its quality control standards, any delays or
difficulties in the Company’s supply chain, the success of the
Company’s sales and marketing efforts coupled with the typically
long sales and implementation cycle for its products,
Intellicheck’s ability to enforce its intellectual property rights,
changes in laws and regulations applicable to the Company’s
products, the Company’s continued ability to access
government-provided data, the risks inherent in doing business with
the government including audits and contract cancellations,
liability resulting from any security breaches or product failure,
and other risks detailed from time to time in Intellicheck’s
reports filed with the SEC. We do not assume any obligation to
update the forward-looking information.
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version on businesswire.com: http://www.businesswire.com/news/home/20180110005078/en/
IntellicheckMedia and Public Relations:Sharon Schultz,
302-539-3747orInvestor Relations:Gar Jackson, 949-873-2789
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