Identity theft is at an all-time high, with mobile number account takeover doubling from 2017 to 2018. On this episode of the American Bankers Association podcast, iconectiv’s Kathy Timko, Head of LNPA Services, discusses the rising trend of account takeovers due to mobile identity fraud. According to Timko, utilizing number portability data is one of the strongest methods to prevent account takeover.

Most forms of communications fraud have one thing in common: They exploit trust. Take callerID, for instance. History has shown that when callerID information is compromised, communications spam, scams and spoofing soars. Learn more about how the industry is working together to effectively mitigate fraud across voice calls , text messages and chatbot conversations.

Throughout the global pandemic, business text messaging has become increasingly integral to contacting customers. Texting boasts a 98% open rate compared to 22% for email, which is not surprising, since texting is traditionally considered virtually spam free. So it might be surprising to learn that while 85% of customers would prefer to send text messages to get information about products and services, 61% of businesses are still not using SMS/MMS to communicate with customers. As businesses…

As COVID-19 cases continued to rise worldwide, technology followed suit with many industries, including healthcare, amplifying their usage. Frontline heroes turned to telehealth technology with increased frequency compared to years prior as more than 46% of patient services were offered virtually. Although treating patients remotely is not new, (the earliest record shows telehealth in use in the late 1950s and early 1960s) privacy and security regulations have evolved to help safeguard patients…

As technology evolves, so do the methods that cybercriminals utilize to commit identity theft and fraud. Last year alone, the Federal Trade Commission processed 1.4M fraud reports amounting to $1.48B in losses. Given that federal law states that financial institutions are held responsible for returning consumers’ money if their account was hacked, it is extremely critical to ensure financial institutions are utilizing an authorized source to provide data in order to assess risk properly while…