A Great Deal of Identity and Enrollment Fraud and How We Can Fix It

So many fraudulent situations exist today, from credit cards to banks accounts and all the way to identity theft. At this point, there is the potential for almost anyone to take the complete details of your identity to create a whole additional person. People are constantly reporting the addition of cards and accounts on their credit reports from locations where they would never have even considered applying.

How Does Enrollment Fraud Begin?

There are many different theories about how consumer information, and that includes all of the personal details from social security numbers to bank accounts and credit history, being stolen in a hack or even sold from social media and other databases. While there are many different corporations you work with for a positive relationship, eventually there always becomes the possibility for your personal information to be sent right out the front door.

Credit Card Fard is The Largest

While credit card fraud as of 2017 made up almost 17% of enrollment fraud, there were already details of a consumer’s life that required verification in order to acquire that credit card. Some of these different verification steps include the following:

• Verify bank account holder
• Electronic check verification
• Checking account verification systems
• Bank account verification software
• Bank account validation
• Bank account verification
• Bank account holder verification
• Bank account number verification

Additional Security and Protection Services

In addition, there are many different fraud protection systems and services out there to help prevent both identity theft and enrollment fraud. In completing many transactions online there is a feeling of security among almost two-thirds of the population because of security-based sites. Many solutions exist to enrollment fraud with the security basis to many online shopping sites, although it may not be the same for websites like social media and others. That is how many names, addresses, phone numbers, and other basic information have made way into the hands of hackers for the first steps of fraud.

Many solutions are needed in the coming years to help prevent identity fraud and repair the problem. It takes a great deal of work for identity fraud detection, then followed by the steps taken to correct the issue. With the amount of identity theft and credit fraud that have grown over the past few years, there is a great deal of work to be done in adding identity validation services and solutions to those who apply for credit and accounts. Hopefully, with the advances we have made in technology, this will be only a short time away for all of us.