Rapidly Increasing Incidents of Identity Thefts and Data Breaches Across the Global Regions
Identity thefts and data breaches are rapidly growing across the financial domain hence cited as the fastest growing crime problem of the digital age. Banks are adapting updated technologies in AML solutions against legacy methods to prevent and combat identity thefts and data breaches. Updated technologies in AML solutions provide information helping people to safeguard their personal information and private records such as credit reports.
Identity theft is stealing personal information or identity then utilizing it intentionally without the owner’s consent for making transactions, online purchases, or getting a tax rebate. Personal information can be social security numbers, credit cards, driver’s licenses, bank details, etc. With evolving technology fraudsters acquire one’s information from digital wallets, mobile banking, internet resources, from lost or stolen wallets or phishing frauds.
Major types of Identity thefts are
- Financial Identity theft
- Medical Identity theft
- Identity Cloning
- Criminal Fraud
- Child Identity theft
- Bank Account fraud
- Government benefits fraud
Data Breach is a data leak of confidential and sensitive information, stolen from systems without the consent of the owner/enterprises into unsafe surroundings and utilizing that data intentionally for wrongful acts. Identity theft and Data breaches go hand in hand although all data breaches cannot be identity theft. Both Identity theft and Data Breach are interconnected but they are different from each other.
- Different types of Data Breaches are
- Cyber-attacks / Hackers
- Stolen, loss of devices of Mobile, USB, etc.
- Employee negligence /error/ data leak of sensitive data or employee data
- Human error
It’s imperative for banks to take a stronger approach in AML solutions in combating the increasing identity thefts and data breaches.