Identity theft is not new—people have been stealing others’ identities and repurposing their personas for centuries. But in the digital age, the nature of how it works has changed. What was once committed via trash-rifling, telephone scams or routine robbery has now taken on a new and more sophisticated form with the help of technology and the internet.
The limits of what scammers can accomplish with stolen identities have been pushed back with every new technological development. As businesses increasingly rely on online systems and digital workflows to conduct their affairs, they become more vulnerable to attacks by identity thieves—attacks that can quickly cost millions of dollars in both individual and institutional losses.
For companies to keep their assets and customers’ data safe, they first need to be aware of the fraud problem. More than awareness, though, they need to understand the intricacies of fraud tactics and deploy sophisticated technology that can help detect and stop fraud before it happens. Thankfully, while scammers are developing new ways around advanced systems, companies are developing new technology to catch them in the act, all while more people are learning to use these new programs. This encouraging development can ultimately keep us safe in an age where fraudsters can steal identities with the touch of a button.
For those in high-risk positions like business owners, financial institutions and those in the public eye, awareness is the first…
