A recent study found identity fraud impacts nearly 17 million people per year and results in $16.8 billion in losses. These statistics, combined with strict regulatory requirements, give financial companies "tremendous incentive to invest in the latest identity verification technologies," according to Consumer First Coalition Executive Director Jason Kratovil. In this piece for Privacy Perspectives, Kratovil writes, "the financial industry must stay ahead of increasingly clever identity thieves by finding new ways to enhance its ability to solve the 'who are you?' riddle. An increasingly important strategy involves data — not just more data, but data from more sources that are authoritative."
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