IT’S TIME TO TERMINATE FRAUD How to make fraudsters pay and reap a 1,000-to-1 ROI.
©2022 AUTHENTICID 3 2 1 fraudster $2 million THE SHADOW WAR THE TRUE ENEMY MAY SURPRISE YOU Fraud accounts for $4.2 trillion in losses annually. For many large enterprise organizations, this amounts to a billion-dollar hit (or more) to the bottom line — year after year. What makes this level of theft even more terrifying is the fact that most organizations can’t figure out who they’re actually fighting, how much money they’re actually losing, or how to effectively fight back. Organized crime accounts for 90% of fraud globally. These syndicates place extreme intention behind systematically deceiving, desensitizing, and pummeling companies into accepting fraud loss as a de facto cost of doing business. 90% GLOBAL FRAUD CASE EXAMPLE Here’s just one example of the toll organized crime takes. A single crime ring participant was able to perpetrate $2 million in fraud by stealing iPhones from a wireless company over a two-year period. Thanks to implementing AuthenticID, this criminal was one of many organized fraudsters who were caught.
©2022 AUTHENTICID 5 4 THE TRUTH ABOUT FRAUD Fraud in retail carries a 3X multiplier. Due to administrative costs, legal time, and damage to brand image, every $1 of fraud ends up costing U.S. retailers $3.13. Source: LexisNexis® Risk Solutions 2019 True Cost of FraudSM Fraudsters double down in times of global crisis. Fraud rates have increased by 86% during the global COVID-19 pandemic. When it comes to the war against fraud, what organizations know (or think they know) is just the tip of the iceberg in terms of what’s really going on. what’s really going on. Here’s just one example. Did you know that a vast majority of fraud comes from real people using their own legitimate IDs? These “mules,” as they’re called in the industry, are set up by fraudsters who then season the customer accounts. The crime rings lie in wait until early fraud watch detections pass, then spring into action like sleeper cells. Making this issue even more elusive to track is the fact that these mules are most often misreported as credit defaults rather than fraud driven by organized crime.
©2022 AUTHENTICID 7 6 Cutting through the tsunami of chatter and grand promises about biometric/ID authentication security is simple. It’s all about tangible results. We invite you to see why organizations choose AuthenticID after comparing us to competing products in head-to-head lab tests and/or pilot programs. This isn’t hype. It’s the simple truth when we reveal that no competitor comes close to matching the standard set by AuthenticID. Our fully automated counterfeit detection and identity verification solutions deliver 99%+ accuracy while converting applicants in 5 seconds or less. No other solution can come close to that. YOU CAN’T UNSEE THE IMPACT OF AUTHENTICID Studies show that trained passport officers are not accurate 20%-50% of the time in identifying counterfeit IDs and/or matching a person’s face to the photo on his or her ID. AuthenticID’s fully automated, AI-driven verification technologies outperform competing solutions, many of which rely on 30% to 95% of identity verification transactions being processed by manual review. CRIMINALS COUNT ON HUMAN ERROR
©2022 AUTHENTICID 9 8 You don’t have to fight fraud alone. AuthenticID is run by a literal who’s who in the war against fraud and puts a commanding group of allies in your corner. By partnering with us, you can bolster your team with experts who have formerly worked for eight of the world’s top security agencies and criminal acquisition systems. You can get advice from people with intelligence-agency backgrounds who have active security clearances. And you can leverage the experience of professionals in document printing, as well as pioneers in face, fingerprint, and palm biometrics; DNA; and psychometric analysis. Give your organization a superweapon in the fight against fraud. AuthenticID Fraud Shield is the only solution of its kind that provides a nearly impenetrable barrier against even the most intensely rapid, prolific, inventive attacks. It’s powered by real-time anonymized data from other participating commercial organizations, as well as governmental criminal and fugitive data. It works across all industries and geographies. And it responds to new fraud tactics in a matter of seconds — not days, weeks, or even months like competing solutions. This is critical given that a majority of fraud comes from a combination of known fraudsters and people using legitimate IDs, moving quickly from company to company. Nothing in the marketplace can prevent this type of fraud like the AuthenticID Fraud Shield. POWERFUL ALLIES CLASSIFIED WEAPONS
©2022 AUTHENTICID 11 10 AUTHENTICATION FOR ALL SITUATIONS Low Transaction Frequency Very High High Medium AuthenticID Services Reauth ID Proofing Online/card payments Account sign-ins Online banking eKYCfor financial institutions Purchasing a home Signing up for a club membership Signing up for utilities Enrolling in school Loyalty program access and use Using sharing economy apps Ordering delivery Occupational licenses Facilitated talent matching Systems access and security Managing customer privacy Accessing the office eVerification Healthcare compliance Personal information updates Efficient payroll Registering a business Conducting background checks Filing taxes High-assurance contracting and transacting Acquiring insurance Managing insider threats Supply chain management Claim benefits Issuing passport/visa Processing immigration requests Birth/death certificate Online voting Verifying political donations Capturing electronic signatures Border security Managing contractors INDIVIDUALS WORKERS ENTERPRISES GOVERNMENT AuthenticID does far more than verify people for initial onboarding. It builds trust, security, and positive user experiences by making it incredibly easy to complete ongoing transactions and work with your company. Continual verification also ensures that sleeper operatives and good individuals that take bad actions are stopped immediately.
©2022 AUTHENTICID 12 Stopping fraud is an important objective for any organization. But until now, stopping fraud has required a choice between treating your customers like criminals to painstakingly sift out the bad actors versus having a magical customer buying experience that leads to more sales. AuthenticID enables you to deliver a fully automated, fast, frictionless, and transparent user experience that works in the background. And as a result, it enables you to achieve a significant uplift in customer sales conversion. INCREASE YOUR HARVEST VERIFY TRUSTWORTHY PEOPLE EASILY — IN SECONDS The frictionless AuthenticID onboarding process is as simple as 1-2-3. Use any device All people need is a mobile device, a government-issued ID, and a selfie. Verify in seconds Our advanced machine-learning SaaS platform immediately determines if people are who they say they are. Onboard with confidence Sign on new customers, partners, and employees instantly while avoiding bad actors. 2 3 1 13
©2022 AUTHENTICID 15 14 A critical aspect of protecting your bottom line, and your reputation, is staying out of the headlines. Nothing erodes customer and investor trust faster than news of criminal compromise. AuthenticID shields your brand by validating customer identities based upon all types of government-issued ID documents across 205 countries and NGOs. It protects transactions with Zero-Trust protocols. And it helps you keep bad actors from wreaking havoc on any of your platforms. As a result of implementing AuthenticID, customers can make transactions with absolute security and confidence. And you can rest assured that your brand is being protected against a multitude of malevolent forces. BOOT BAD ACTORS — BUILD TRUST AND SAFETY Meeting Fortune 500–grade security and compliance standards is an obstacle course that most companies simply cannot navigate. AuthenticID thoroughly understands the boxes you need to check. The tests you need to pass. And the concerns you need to address from critical stakeholders. SATISFY STRINGENT INFOSEC AND LEGAL STANDARDS AuthenticID holds its own SOC 2 Type 2 certification as well as other security certifications. We’ve passed several third-party security audits. And we meet major regulatory requirements, including GDPR, CCPA, and more.
©2022 AUTHENTICID 16 In the time it’s taken you to read this eBook, fraudsters have gotten away with another $50 million of fraud globally. Fraud continues to dynamically evolve, morph, and increase on a daily basis. And fighting fraud is not a battle you can wage alone. AuthenticID stands ready to equip your organization so that you can make a stand and send fraudsters looking for softer targets. It is time to stop getting played by fraudsters, and it is time to ensure that you’re dealing only with customers who can truly be trusted. To find out how much fraud is costing you, run the numbers. TIME IS MONEY... A LOT OF MONEY Learn how you can fight fraud and reap an average 1,000-to-1 ROI. Stay on top of the latest developments, trends and risks via our Fraud Bulletin. TAKE THE NEXT STEP FRAUD CALCULATOR 17
©2022 AUTHENTICID 18 © 2022 AuthenticID, Inc. All Rights Reserved.authenticid.co