One of the main concerns of companies in Spain is fraud. In part, because as new technologies emerge, so do new techniques and resources to commit cybercrime. According to INCIBE’s latest 2022 Cybersecurity Balance, over the past year a total of 118,820 cybersecurity incidents have been managed, almost 9% more than the previous year.
The latest Mitek study indicates that 53% of companies indicate that they have suffered more attempts and cases of fraud compared to last year, while 40% comment that the amount of economic losses have also been greater. For the same reason, the majority of Spanish companies (62%) have increased their cybersecurity budget in 2022, according to a Deloitte study.
The sector most affected by fraud continues to be financial, whether they are consumer finance companies, traditional banking, automotive finance companies or micro-loan companies. According to data collected by Finanso, 56% of Europeans have experienced at least one type of fraud in the last two years. Of those, a third were victims of identity theft. Thus, identity theft has become the second most common type of fraud in Europe.
As consumers conduct more transactions online than ever before, identity verification has become essential to ensure secure digital access. In fact, the origin of the fraud is in the first place identity theft, in more than half of the cases for 40% of companies surveyed by Mitek, and an invented online identity in more than half of the cases for 33 % of companies.
That is why more and more companies are investing in solutions for identity document validation, identity verification and/or proof of life, and device analysis and verification, among other systems. Respondents indicate that biometrics and device analysis are the most valued tools, above other more traditional solutions.
The new platform, MiVIP
Through MyVIPMitek’s new Verified Identity Platform, the company is making it possible for businesses to protect customers’ digital experiences from the moment they open an account and throughout their entire ‘customer journey’. Many of the world’s largest banks and 99% of US banks use Mitek’s technological innovation. Backed by decades of experience and held to the highest standards as a publicly traded company, the company is uniquely positioned to help organizations establish trust with authentic customers by providing them with the identity systems that ensure digital access. sure.
“Identity is personal. At Mitek, we have a mission to protect it”said Max Carnecchia, CEO of Mitek. “Mitek’s new platform, MiVIP, is the culmination of our best technologies, our most recent acquisition, and our ongoing commitment to putting Mitek customers in control of their consumer experiences.”
MiVIP offers companies complete and secure control, saving them time and money, in three different ways:
- Quick check: Verifying customer identities is now faster and easier, allowing businesses to securely onboard better customers while giving them the experience they expect.
- Optimize workflows: Companies have the necessary tools to control the customer experience and manage risks.
- Quick integration: Deploying now takes just hours instead of days or weeks. The platform is based on a low-code/no-code architecture that saves companies time and resources.
“There has never been a more important time to onboard customers effectively and faster.”says Chris Briggs, Product Manager at Mitek. “Organizations want control over their customers’ Know Your Customer (KYC) experiences. MiVIP provides an easy to implement, highly adaptable and robust identity verification platform that can be integrated with a company’s fraud and risk workflows in a matter of hours. Trips can be configured to suit different needs, ensuring customers are checked in quickly and with a minimum of friction.”
