It’s time for organizations to harness the power artificial intelligence (AI) can bring to digital identity management – quickly and accurately identifying consumers throughout the lifecycle.
The rise in crime
The acceleration to digital platforms created a perfect storm of new opportunities for fraudsters. Synthetic identity fraud, stimulus-related fraud, and other types of cybercrime have seen huge upticks within the past year and a half. In fact, the Federal Trade Commission revealed that consumers reported over 360,000 complaints, resulting in more than $580 million in COVID-19-related fraud losses as of October 2021.
To protect both themselves and consumers, businesses — especially lenders — will have to find and incorporate new strategies to identify customers, deter fraudsters and mitigate cybercrime.
The benefits of AI for digital identity
In our latest e-book, we explore the impacts of AI on organizations’ digital identity strategies, including:
- How changing consumer expectations increased the need for speed
- The challenges associated with both AI and digital identities
- The path forward for digital identity and AI
- How to develop the right strategy
Building a solution
It’s clear that current digital identity and fraud prevention tools are not enough to stop cybercriminals. To stay ahead of fraudsters and keep consumers happy, businesses need to look to new technologies — ones that can intake and compute large data sets in near-real time for better and faster decisions throughout the customer lifecycle.
By using AI, businesses will enjoy a fast and consistent decisioning system that automatically routes questionable identities to additional authentication steps, allowing employees to focus on the riskiest cases and maximizing efficiency.
Read our latest e-book to dive into the ways artificial intelligence and digital identity interact, and the benefits a clear identity strategy can have for the entire user journey.