As the world becomes increasingly digital, the risk of online fraud continues to grow. According to a recent report by the Association of Certified Fraud Examiners (ACFE), organizations worldwide lose an estimated 5% of their annual revenues to fraud, with losses totaling $4.5 trillion globally. Meanwhile, the Federal Trade Commission (FTC) reports that consumers lost over $1.9 billion to fraud in 2019 alone.
Online fraud is particularly problematic, with fraudsters using increasingly sophisticated tactics to bypass traditional fraud prevention measures. The rise of mobile transactions has also made it easier for fraudsters to conduct fraudulent activity, as mobile devices often lack the security features of desktop computers.
Fortunately, technologies like Geolocation and Proxy Piercing are revolutionizing fraud prevention and helping businesses stay ahead of online threats. By accurately identifying the location of electronic devices and detecting the use of anonymous proxies, businesses can prevent fraudulent activity and protect themselves and their customers.
At AcuityTec, we have integrated Geolocation and Proxy Piercing into our multi-layered KYC data hub orchestration with advanced risk analysis engine, providing our clients with a reliable and robust solution to prevent online fraud. Our system can detect potential fraud in real-time, enabling businesses to respond promptly and prevent losses.
Moreover, we provide customized solutions tailored to meet the unique needs of each business, ensuring that they are well-protected against potential fraud risks. Our system includes other essential components like identity verification, document validation, and biometric authentication, all of which help businesses stay ahead of online threats.
The importance of fraud prevention cannot be overstated. According to a recent survey by Experian, 54% of businesses have experienced fraud in the past two years, with 63% reporting that fraud has increased during the COVID-19 pandemic. The same survey also found that businesses in the financial services sector are particularly vulnerable to fraud, with 81% reporting that they have experienced fraud in the past two years.
With online transactions continuing to increase, it is essential for businesses to adopt advanced fraud prevention solutions to protect themselves and their customers. By leveraging the latest technologies like Geolocation and Proxy Piercing, businesses can stay ahead of online threats and prevent losses from fraudulent activity.
In conclusion, the rise of online fraud is a significant threat to businesses worldwide, with losses totaling trillions of dollars annually. Fortunately, technologies like Geolocation and Proxy Piercing are revolutionizing fraud prevention and helping businesses stay ahead of online threats.
At AcuityTec, we are committed to providing our clients with reliable and customized solutions to prevent online fraud, enabling them to focus on growing their businesses with confidence.
Learn more about our digital identity verification suite or contact us to book a demo today.