Security News > 2021 > May > It’s time to shift from verifying data to authenticating identity

As fraudsters continue to develop increasingly sophisticated schemes that allow them to produce an apparent valid identity, either by stealing personal data or fabricating it themselves, organizations need to make a fundamental shift in their fraud-fighting strategies.

Rather than performing authentication through a series of data point verifications, they should instead examine the linkages between all the identity markers holistically over time.

Traditional identity verification tactics involve sequentially testing individual data points in an effort to confirm that the person posing as a customer or potential customer is really who they say they are.

If a fake identity has a verified credit history and passes the other sequential verification checks, most institutions will see this identity as legitimate, leaving them vulnerable to significant losses when the fraudster is granted a loan or line of credit and walks away with the cash.

To achieve more accurate identity verification, organizations need to adopt a holistic view of identity across online, offline and device-based data and behaviors over time.

This shift in the way we look at authenticating identity is key in enabling organizations to build resilient fraud-prevention infrastructure that can withstand the sophisticated fraud attempts seen today - and those to come.

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