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cybersecurity
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identity fraud
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identity fraud
354% global increase in identity theft compared to the previous year
354% global increase in identity theft compared to the previous year
Oct 7, 2024
Oct 7, 2024
Oct 7, 2024
Oct 7, 2024
354% global increase in identity theft compared to the previous year.
Transparency, collaboration, technology, and education - the main pillars in developing identity fraud protection tools
IT Smart Systems, a company specializing in digital transformation services, organized the Integrated Identity Fraud Prevention across Digital Channels event on Friday, October 4, together with Ping Identity, a software company specializing in identity management solutions. During the event, field experts discussed the optimal strategies for detecting digital identity theft and methods for preventing this phenomenon.
Among the event speakers were Mihai Petrov - CISO Carrefour Romania and Global Head of Application Security Carrefour Group; Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania; Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale, Darryl Scott Jones - Vice President of Product (CIAM) at Ping Identity, Andrei Dumitru - Digital Identity Expert IT Smart Systems and Silviu Gresoi, Co-founder of the Association for the Prevention and Combating of Fraud, IML and AI Expert in analysis and fraud detection. The moderator was Irina Vijoli - DigiQuery Founding Partner.
Identity theft increased by 354% compared to the previous year, causing organizations to rethink their strategies against these incidents. The main reasons behind this situation are the growing interactions in the digital space, which determine the increase of vulnerable points, and the rapid development of artificial intelligence in advanced fraud techniques, accessible to attackers at low costs. For these reasons, developing protection strategies that include people, processes, and technology is necessary in today's reality.
“According to European Union data, most of the losses caused by fraud come from the credit transfer, generating losses of up to 1.13 billion euros, out of which 638 million euros are due to payer manipulation. Moreover, 99% of attacks occur during remote transactions, using multiple methods, such as social engineering, phishing, and smishing. The development of generative artificial intelligence allows fraudsters to launch more complex attacks to manipulate users to carry out unauthorized credit transfers against their own financial interests. Organizations must adopt advanced solutions to detect and prevent these threats before they cause significant losses”, explains Andrei Dumitru, Expert in Digital Identity, IT Smart Systems.
Securing every step of the digital journey is critical in the fight against identity fraud, and one of the biggest challenges of implementing security systems is finding the balance between reducing user friction and effective protection solutions. Moreover, there is an increased use of measures to analyze usage behavior, such as patterns in speed typing or application operation patterns, including the history of devices used in navigation, but also geographic coordinates, to detect risky behavior and implement measures to limit fraud occurrence of fraud.
“Digital experience is at the heart of customer trust, and as expectations continue to evolve, brands must prioritize creating a more secure and intuitive online environment," said Darryl Jones, Vice President of Product (CIAM) at Ping Identity. "There's immense opportunity for organizations to leverage AI and decentralized identity to achieve this goal, but it requires addressing consumer concerns head-on while ensuring adoption is gradual and approachable. These technologies are the future of identity and adopters will stand apart from non-adopters by achieving best-in-class consumer experiences.”
Customer experience is an essential element for global organizations. Studies show that 60% of users avoid using a platform when identification processes are exhaustive. In the fight against identity fraud, organizations can adopt proactive and reactive strategies to ensure user data is always safe.
“We are willing to sacrifice the ideal consumer experience to protect a specific category of users. We have noticed that certain user profiles are more likely to fall into the fraud trap, so we have introduced measures to interrupt the conventional digital flow through additional controls. Although it is unpleasant for some users, we are responsible for preventing fraud for high-risk customers. In addition, by implementing these measures, we can discourage fraudulent activity. It's a continuous game in which we are sometimes reactive and sometimes proactive. Still, prevention remains a priority, even if it means sacrifices in the customer experience”, states Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale.
In terms of fraud prevention, institutions need to rely on consumer and employee education to understand existing fraud methods and how to prevent them entirely. Moreover, education should also be addressed to the general public so that Romanians know about current digital threats.
“The Payments and Payment Instruments Supervision Division is open to finding new solutions and discussing new approaches to use in the fight against identity theft, but at the same time, we also focus on education. This is an essential pillar as we face problems related to financial and digital education in Romania, which is why we try, together with the other departments, to be as close as possible to the people and the market we are addressing. Currently, the implemented programs are aimed at primary schools, providing information about technology and financial instruments. In this way, we can contribute to the education of individuals from the earliest stages of development. While education is important, we are not convinced that together with monitoring activities is enough - more needs to be done. We need a constant exchange of information with the authorities, the private sector, and banks. We believe this is the best way to fight fraud”, revealed Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania.
Furthermore, the public and private sectors must collaborate to identify fraud prevention methods. In this manner, institutions can work together toward a common goal.
“Firstly, a good collaboration is essential between the public and private sectors. Our association collaborates closely with the Romanian Police on various matters, including verifying instances of fraud. Additionally, we need to strengthen our collaboration with banks. There's always a risk that someone might attempt fraudulent transactions or open accounts under your name at multiple institutions. So, it is necessary to collaborate better in this direction and share the information necessary to fight fraud. This is our mission”, states Silviu Gresoi, Co-founder and Board Member of the Association for the Prevention and Combating of Fraud.
The event highlighted the urgent necessity of embracing technology solutions and pushing forward with ongoing technological advancements. Three fundamental elements—technology, collaboration, and education—lie at the heart of crafting effective identity fraud prevention and protection tools.
About Ping Identity
Ping Identity, the global leader in digital identity, delivers unforgettable user experiences and uncompromising security for any type of user. Ping is the one-stop shop for game-changing digital identity.
About IT Smart Systems
With over 16 years of experience in digital identity, IT Smart Systems provides tailored consulting and specialized solutions that address the evolving challenges of today’s digital landscape. As an approved delivery partner of Ping Identity in the region, it focuses specifically on meeting the needs of business clients.
IT Smart Systems, a company specializing in digital transformation services, organized the Integrated Identity Fraud Prevention across Digital Channels event on Friday, October 4, together with Ping Identity, a software company specializing in identity management solutions. During the event, field experts discussed the optimal strategies for detecting digital identity theft and methods for preventing this phenomenon.
Among the event speakers were Mihai Petrov - CISO Carrefour Romania and Global Head of Application Security Carrefour Group; Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania; Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale, Darryl Scott Jones - Vice President of Product (CIAM) at Ping Identity, Andrei Dumitru - Digital Identity Expert IT Smart Systems and Silviu Gresoi, Co-founder of the Association for the Prevention and Combating of Fraud, IML and AI Expert in analysis and fraud detection. The moderator was Irina Vijoli - DigiQuery Founding Partner.
Identity theft increased by 354% compared to the previous year, causing organizations to rethink their strategies against these incidents. The main reasons behind this situation are the growing interactions in the digital space, which determine the increase of vulnerable points, and the rapid development of artificial intelligence in advanced fraud techniques, accessible to attackers at low costs. For these reasons, developing protection strategies that include people, processes, and technology is necessary in today's reality.
“According to European Union data, most of the losses caused by fraud come from the credit transfer, generating losses of up to 1.13 billion euros, out of which 638 million euros are due to payer manipulation. Moreover, 99% of attacks occur during remote transactions, using multiple methods, such as social engineering, phishing, and smishing. The development of generative artificial intelligence allows fraudsters to launch more complex attacks to manipulate users to carry out unauthorized credit transfers against their own financial interests. Organizations must adopt advanced solutions to detect and prevent these threats before they cause significant losses”, explains Andrei Dumitru, Expert in Digital Identity, IT Smart Systems.
Securing every step of the digital journey is critical in the fight against identity fraud, and one of the biggest challenges of implementing security systems is finding the balance between reducing user friction and effective protection solutions. Moreover, there is an increased use of measures to analyze usage behavior, such as patterns in speed typing or application operation patterns, including the history of devices used in navigation, but also geographic coordinates, to detect risky behavior and implement measures to limit fraud occurrence of fraud.
“Digital experience is at the heart of customer trust, and as expectations continue to evolve, brands must prioritize creating a more secure and intuitive online environment," said Darryl Jones, Vice President of Product (CIAM) at Ping Identity. "There's immense opportunity for organizations to leverage AI and decentralized identity to achieve this goal, but it requires addressing consumer concerns head-on while ensuring adoption is gradual and approachable. These technologies are the future of identity and adopters will stand apart from non-adopters by achieving best-in-class consumer experiences.”
Customer experience is an essential element for global organizations. Studies show that 60% of users avoid using a platform when identification processes are exhaustive. In the fight against identity fraud, organizations can adopt proactive and reactive strategies to ensure user data is always safe.
“We are willing to sacrifice the ideal consumer experience to protect a specific category of users. We have noticed that certain user profiles are more likely to fall into the fraud trap, so we have introduced measures to interrupt the conventional digital flow through additional controls. Although it is unpleasant for some users, we are responsible for preventing fraud for high-risk customers. In addition, by implementing these measures, we can discourage fraudulent activity. It's a continuous game in which we are sometimes reactive and sometimes proactive. Still, prevention remains a priority, even if it means sacrifices in the customer experience”, states Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale.
In terms of fraud prevention, institutions need to rely on consumer and employee education to understand existing fraud methods and how to prevent them entirely. Moreover, education should also be addressed to the general public so that Romanians know about current digital threats.
“The Payments and Payment Instruments Supervision Division is open to finding new solutions and discussing new approaches to use in the fight against identity theft, but at the same time, we also focus on education. This is an essential pillar as we face problems related to financial and digital education in Romania, which is why we try, together with the other departments, to be as close as possible to the people and the market we are addressing. Currently, the implemented programs are aimed at primary schools, providing information about technology and financial instruments. In this way, we can contribute to the education of individuals from the earliest stages of development. While education is important, we are not convinced that together with monitoring activities is enough - more needs to be done. We need a constant exchange of information with the authorities, the private sector, and banks. We believe this is the best way to fight fraud”, revealed Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania.
Furthermore, the public and private sectors must collaborate to identify fraud prevention methods. In this manner, institutions can work together toward a common goal.
“Firstly, a good collaboration is essential between the public and private sectors. Our association collaborates closely with the Romanian Police on various matters, including verifying instances of fraud. Additionally, we need to strengthen our collaboration with banks. There's always a risk that someone might attempt fraudulent transactions or open accounts under your name at multiple institutions. So, it is necessary to collaborate better in this direction and share the information necessary to fight fraud. This is our mission”, states Silviu Gresoi, Co-founder and Board Member of the Association for the Prevention and Combating of Fraud.
The event highlighted the urgent necessity of embracing technology solutions and pushing forward with ongoing technological advancements. Three fundamental elements—technology, collaboration, and education—lie at the heart of crafting effective identity fraud prevention and protection tools.
About Ping Identity
Ping Identity, the global leader in digital identity, delivers unforgettable user experiences and uncompromising security for any type of user. Ping is the one-stop shop for game-changing digital identity.
About IT Smart Systems
With over 16 years of experience in digital identity, IT Smart Systems provides tailored consulting and specialized solutions that address the evolving challenges of today’s digital landscape. As an approved delivery partner of Ping Identity in the region, it focuses specifically on meeting the needs of business clients.
IT Smart Systems, a company specializing in digital transformation services, organized the Integrated Identity Fraud Prevention across Digital Channels event on Friday, October 4, together with Ping Identity, a software company specializing in identity management solutions. During the event, field experts discussed the optimal strategies for detecting digital identity theft and methods for preventing this phenomenon.
Among the event speakers were Mihai Petrov - CISO Carrefour Romania and Global Head of Application Security Carrefour Group; Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania; Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale, Darryl Scott Jones - Vice President of Product (CIAM) at Ping Identity, Andrei Dumitru - Digital Identity Expert IT Smart Systems and Silviu Gresoi, Co-founder of the Association for the Prevention and Combating of Fraud, IML and AI Expert in analysis and fraud detection. The moderator was Irina Vijoli - DigiQuery Founding Partner.
Identity theft increased by 354% compared to the previous year, causing organizations to rethink their strategies against these incidents. The main reasons behind this situation are the growing interactions in the digital space, which determine the increase of vulnerable points, and the rapid development of artificial intelligence in advanced fraud techniques, accessible to attackers at low costs. For these reasons, developing protection strategies that include people, processes, and technology is necessary in today's reality.
“According to European Union data, most of the losses caused by fraud come from the credit transfer, generating losses of up to 1.13 billion euros, out of which 638 million euros are due to payer manipulation. Moreover, 99% of attacks occur during remote transactions, using multiple methods, such as social engineering, phishing, and smishing. The development of generative artificial intelligence allows fraudsters to launch more complex attacks to manipulate users to carry out unauthorized credit transfers against their own financial interests. Organizations must adopt advanced solutions to detect and prevent these threats before they cause significant losses”, explains Andrei Dumitru, Expert in Digital Identity, IT Smart Systems.
Securing every step of the digital journey is critical in the fight against identity fraud, and one of the biggest challenges of implementing security systems is finding the balance between reducing user friction and effective protection solutions. Moreover, there is an increased use of measures to analyze usage behavior, such as patterns in speed typing or application operation patterns, including the history of devices used in navigation, but also geographic coordinates, to detect risky behavior and implement measures to limit fraud occurrence of fraud.
“Digital experience is at the heart of customer trust, and as expectations continue to evolve, brands must prioritize creating a more secure and intuitive online environment," said Darryl Jones, Vice President of Product (CIAM) at Ping Identity. "There's immense opportunity for organizations to leverage AI and decentralized identity to achieve this goal, but it requires addressing consumer concerns head-on while ensuring adoption is gradual and approachable. These technologies are the future of identity and adopters will stand apart from non-adopters by achieving best-in-class consumer experiences.”
Customer experience is an essential element for global organizations. Studies show that 60% of users avoid using a platform when identification processes are exhaustive. In the fight against identity fraud, organizations can adopt proactive and reactive strategies to ensure user data is always safe.
“We are willing to sacrifice the ideal consumer experience to protect a specific category of users. We have noticed that certain user profiles are more likely to fall into the fraud trap, so we have introduced measures to interrupt the conventional digital flow through additional controls. Although it is unpleasant for some users, we are responsible for preventing fraud for high-risk customers. In addition, by implementing these measures, we can discourage fraudulent activity. It's a continuous game in which we are sometimes reactive and sometimes proactive. Still, prevention remains a priority, even if it means sacrifices in the customer experience”, states Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale.
In terms of fraud prevention, institutions need to rely on consumer and employee education to understand existing fraud methods and how to prevent them entirely. Moreover, education should also be addressed to the general public so that Romanians know about current digital threats.
“The Payments and Payment Instruments Supervision Division is open to finding new solutions and discussing new approaches to use in the fight against identity theft, but at the same time, we also focus on education. This is an essential pillar as we face problems related to financial and digital education in Romania, which is why we try, together with the other departments, to be as close as possible to the people and the market we are addressing. Currently, the implemented programs are aimed at primary schools, providing information about technology and financial instruments. In this way, we can contribute to the education of individuals from the earliest stages of development. While education is important, we are not convinced that together with monitoring activities is enough - more needs to be done. We need a constant exchange of information with the authorities, the private sector, and banks. We believe this is the best way to fight fraud”, revealed Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania.
Furthermore, the public and private sectors must collaborate to identify fraud prevention methods. In this manner, institutions can work together toward a common goal.
“Firstly, a good collaboration is essential between the public and private sectors. Our association collaborates closely with the Romanian Police on various matters, including verifying instances of fraud. Additionally, we need to strengthen our collaboration with banks. There's always a risk that someone might attempt fraudulent transactions or open accounts under your name at multiple institutions. So, it is necessary to collaborate better in this direction and share the information necessary to fight fraud. This is our mission”, states Silviu Gresoi, Co-founder and Board Member of the Association for the Prevention and Combating of Fraud.
The event highlighted the urgent necessity of embracing technology solutions and pushing forward with ongoing technological advancements. Three fundamental elements—technology, collaboration, and education—lie at the heart of crafting effective identity fraud prevention and protection tools.
About Ping Identity
Ping Identity, the global leader in digital identity, delivers unforgettable user experiences and uncompromising security for any type of user. Ping is the one-stop shop for game-changing digital identity.
About IT Smart Systems
With over 16 years of experience in digital identity, IT Smart Systems provides tailored consulting and specialized solutions that address the evolving challenges of today’s digital landscape. As an approved delivery partner of Ping Identity in the region, it focuses specifically on meeting the needs of business clients.
IT Smart Systems, a company specializing in digital transformation services, organized the Integrated Identity Fraud Prevention across Digital Channels event on Friday, October 4, together with Ping Identity, a software company specializing in identity management solutions. During the event, field experts discussed the optimal strategies for detecting digital identity theft and methods for preventing this phenomenon.
Among the event speakers were Mihai Petrov - CISO Carrefour Romania and Global Head of Application Security Carrefour Group; Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania; Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale, Darryl Scott Jones - Vice President of Product (CIAM) at Ping Identity, Andrei Dumitru - Digital Identity Expert IT Smart Systems and Silviu Gresoi, Co-founder of the Association for the Prevention and Combating of Fraud, IML and AI Expert in analysis and fraud detection. The moderator was Irina Vijoli - DigiQuery Founding Partner.
Identity theft increased by 354% compared to the previous year, causing organizations to rethink their strategies against these incidents. The main reasons behind this situation are the growing interactions in the digital space, which determine the increase of vulnerable points, and the rapid development of artificial intelligence in advanced fraud techniques, accessible to attackers at low costs. For these reasons, developing protection strategies that include people, processes, and technology is necessary in today's reality.
“According to European Union data, most of the losses caused by fraud come from the credit transfer, generating losses of up to 1.13 billion euros, out of which 638 million euros are due to payer manipulation. Moreover, 99% of attacks occur during remote transactions, using multiple methods, such as social engineering, phishing, and smishing. The development of generative artificial intelligence allows fraudsters to launch more complex attacks to manipulate users to carry out unauthorized credit transfers against their own financial interests. Organizations must adopt advanced solutions to detect and prevent these threats before they cause significant losses”, explains Andrei Dumitru, Expert in Digital Identity, IT Smart Systems.
Securing every step of the digital journey is critical in the fight against identity fraud, and one of the biggest challenges of implementing security systems is finding the balance between reducing user friction and effective protection solutions. Moreover, there is an increased use of measures to analyze usage behavior, such as patterns in speed typing or application operation patterns, including the history of devices used in navigation, but also geographic coordinates, to detect risky behavior and implement measures to limit fraud occurrence of fraud.
“Digital experience is at the heart of customer trust, and as expectations continue to evolve, brands must prioritize creating a more secure and intuitive online environment," said Darryl Jones, Vice President of Product (CIAM) at Ping Identity. "There's immense opportunity for organizations to leverage AI and decentralized identity to achieve this goal, but it requires addressing consumer concerns head-on while ensuring adoption is gradual and approachable. These technologies are the future of identity and adopters will stand apart from non-adopters by achieving best-in-class consumer experiences.”
Customer experience is an essential element for global organizations. Studies show that 60% of users avoid using a platform when identification processes are exhaustive. In the fight against identity fraud, organizations can adopt proactive and reactive strategies to ensure user data is always safe.
“We are willing to sacrifice the ideal consumer experience to protect a specific category of users. We have noticed that certain user profiles are more likely to fall into the fraud trap, so we have introduced measures to interrupt the conventional digital flow through additional controls. Although it is unpleasant for some users, we are responsible for preventing fraud for high-risk customers. In addition, by implementing these measures, we can discourage fraudulent activity. It's a continuous game in which we are sometimes reactive and sometimes proactive. Still, prevention remains a priority, even if it means sacrifices in the customer experience”, states Maja Mikic - Executive Director for Transformation Digital within BRD Groupe Société Générale.
In terms of fraud prevention, institutions need to rely on consumer and employee education to understand existing fraud methods and how to prevent them entirely. Moreover, education should also be addressed to the general public so that Romanians know about current digital threats.
“The Payments and Payment Instruments Supervision Division is open to finding new solutions and discussing new approaches to use in the fight against identity theft, but at the same time, we also focus on education. This is an essential pillar as we face problems related to financial and digital education in Romania, which is why we try, together with the other departments, to be as close as possible to the people and the market we are addressing. Currently, the implemented programs are aimed at primary schools, providing information about technology and financial instruments. In this way, we can contribute to the education of individuals from the earliest stages of development. While education is important, we are not convinced that together with monitoring activities is enough - more needs to be done. We need a constant exchange of information with the authorities, the private sector, and banks. We believe this is the best way to fight fraud”, revealed Adelina Stoienescu - Expert in the Division of Supervision of Payments and Payment Instruments at the National Bank of Romania.
Furthermore, the public and private sectors must collaborate to identify fraud prevention methods. In this manner, institutions can work together toward a common goal.
“Firstly, a good collaboration is essential between the public and private sectors. Our association collaborates closely with the Romanian Police on various matters, including verifying instances of fraud. Additionally, we need to strengthen our collaboration with banks. There's always a risk that someone might attempt fraudulent transactions or open accounts under your name at multiple institutions. So, it is necessary to collaborate better in this direction and share the information necessary to fight fraud. This is our mission”, states Silviu Gresoi, Co-founder and Board Member of the Association for the Prevention and Combating of Fraud.
The event highlighted the urgent necessity of embracing technology solutions and pushing forward with ongoing technological advancements. Three fundamental elements—technology, collaboration, and education—lie at the heart of crafting effective identity fraud prevention and protection tools.
About Ping Identity
Ping Identity, the global leader in digital identity, delivers unforgettable user experiences and uncompromising security for any type of user. Ping is the one-stop shop for game-changing digital identity.
About IT Smart Systems
With over 16 years of experience in digital identity, IT Smart Systems provides tailored consulting and specialized solutions that address the evolving challenges of today’s digital landscape. As an approved delivery partner of Ping Identity in the region, it focuses specifically on meeting the needs of business clients.
