The bad news is, we are still fighting … fraud. And it’s becoming more costly to businesses, especially financial services firms including banks, credit unions, wealth management, mortgage lending, and investment.
According to LexisNexis Risk Solutions, the cost of fraud to US and Canadian financial institutions has risen between 19.6% to 22.4% since early 2020[1]. It’s no surprise that the cost is highest among banks in the US, where every $1 of fraud loss costs $4.36. The increasing amount of fraud and related costs can easily cripple a business.
The good news is, we have more tools to fight fraud, including revamped basics and new innovations. But it takes the entire community – financial institutions, service providers, technology vendors, thought-leaders, practitioners, including you – to collaborate and fight together.
That’s why we are inviting you to join us at the Fraud Fight Club, presented by About Fraud alongside Fintech Nexus USA 2023 from May 10 to 11 at the Javits Center in New York. Fraud Fight Club is a track specifically dedicated to all topics on fraud. We will be busy meeting with attendees who are looking for a simple yet effective way of verifying the user’s digital identity across the digital journey. For use cases like opening new accounts, applying for new credit cards, or utilizing two-factor authentication, financial institutions can use Zumigo to validate the user’s mobile device credentials; send one-time passcode through email, SMS or landline; and even let the user log into their account with a QR code instead of a password.
DM us to set up a meeting today and learn how we can simplify your fraud prevention strategy, or follow us at @zumigo1 on Twitter and @Zumigo Inc on LinkedIn for the latest company updates. If you still have not gotten your pass, register here for a 15% discount off the full price.
We hope to see you there!
Follow Yu-Ting Huang @ythuang on Twitter and @yutinghuang on LinkedIn.
[1] 6th Annual True Cost of Fraud™ Study: Financial Services and Lending Report, U.S. and Canada Edition 2022, by LexisNexis Risk Solutions