BeyondID , a managed identity solutions provider (MISP), has introduced a new fraud prevention solution as part of its broader suite of managed identity services. This solution is designed to enhance identity security and help organizations mitigate the growing risks associated with digital identity fraud.

The need for such solutions is particularly acute in the financial sector, which has become a primary target for cybercriminals due to its direct access to monetary resources and sensitive customer information. According to the Financial Crimes Enforcement Network (FinCEN), 42% of Bank Secrecy Act reports in 2021 were related to identity fraud, amounting to roughly $212 billion in suspicious activity. This highlights the growing threat landscape that financial institutions and other organizations face in managing digital identities.

Fraud prevention is closely linked with digital identity management. By focusing on securing both aspects, organizations can significantly reduce the impact of breaches. Ensuring that every request for service—whether by human or machine—is authenticated, authorized, and encrypted can minimize the risk of unauthorized access and fraudulent activity.

These measures help to safeguard critical data while maintaining compliance with regulatory requirements. Additional products BeyondID's commitment to fraud prevention will be highlighted at the upcoming Oktane24 conference, where company representatives will lead a session titled ‘Combat Digital Identity Fraud: Enhancing Security and User Experience.’ The session will focus on strategies for developing a comprehensive identity management framework that balances robust security measures with a smooth user experience. For organizations looking to explore fraud prevention further, BeyondID offers additional resources, including a joint webinar with Okta titled ‘Prevent Fraud in Financial Services with Identity’ and an e-book, ‘The War Against Fraud: Safeguarding Your Workforce & Customers.’ BeyondID provides secure identity management solutions to organizations across various industries, supporting clients like TDECU, Inception Health, Johnson Financial Group, Biogen, Northern Trust, and Cone Health.

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