How do digital ID tools combat identity theft?

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According to UK Finance, in 2019, unauthorized financial fraud losses across payment cards, remote banking, and cheques totaled £824.8 million. One type of fraud that contributes significantly to this loss is identity theft (opens in new tab), which has become a severe problem in recent years. Anti-fraud measures designed to detect identity theft forces fraudsters to find ways to trick individuals, leading to new and constantly evolving fraud typologies that are increasingly difficult to detect and stop.

In account takeover fraud, for example, the criminal uses information stolen through phishing scams to gain access to an individual’s account, make unauthorized payments, or apply for credit. The difficulty in detecting fraud is that it looks like the customer is logging into their account. As a result, the alarm might only be raised when the customer spots abnormal activity on their account.  



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