Identity theft, one of the most common contributors to fraud globally, has been on the rise since the start of the COVID-19 pandemic. According to a study by Javelin Strategy & Research, fraud losses due to identity takeover rose 15% in 2019 compared to the previous year. The study also notes that 40% of identity takeover-related fraudulent activities take place within a day of opening an online account. In this article, we’ll explore how companies can protect themselves and their customers from rising identity fraud attacks using step-up authentication with Phone-Centric Identity.
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