Intellicheck, Inc. (Nasdaq: IDN) is offering its leading fraud fighting technology solution Retail ID Web to banks, credit card issuers, payment providers and retailers at no cost for 90 days in response to the explosion in online fraud during the nationwide COVID-19 stay-at-home and limited reopening environment. Multiple financial institutions and retailers are using this tool to stop fraudulent account takeovers, new account openings and purchases in this increasingly person-not-present environment.
Intellicheck CEO Bryan Lewis said fraud is attacking the economic backbone of communities nationwide. “Criminals don’t stop committing identity theft for a pandemic. With stores closed, they have just accelerated online fraud. Given social distancing and curbside pickup, we are seeing an increase in the use of stolen credit card numbers for buy online, pickup in store transactions. The CDC distancing guidelines also mean less bank visits and more calls to the bank call center – leading to more account takeover and account opening losses.”
Lewis said the company is committed to making a difference. “Our technology, which requires no integration, just a log in to a website, puts a stop to it for the businesses who use Retail ID Web and their customers. We are honored to do our part by providing our powerful online fraud fighting weapon at no cost to protect the economic vitality of our communities.”
With more than 99% accuracy, Retail ID Web quickly and seamlessly responds to business and consumer financial services and purchase requests, whether through call centers or online access. Retail ID Web deters losses associated with fraudulent account take-overs, new account applications and purchases. Information on terms of usage and how to obtain Retail ID Web at no cost can be obtained through Intellicheck’s website on the contact page.
The growing cost of coronavirus-related scams adds to the already record-setting pace of data breaches fueling incidents of identity theft and fraud. 165 million records containing personal data were exposed through data breaches in 2019. Javelin’s recently released 2020 Identity Theft Survey highlighted that the $16.9 billion in losses to identity theft in 2019 is only part of the story. The survey found account takeovers rose 72% in 2019. Verizon’s 2019 Data Breach Investigations Report found card-not-present fraud now accounts for nearly 75% of all card-related fraud. Formjacking, where fraudsters steal credit card data from online payment forms, is up 117% according to the Identity Theft Resource Center and other research shows new account credit card fraud climbed 88%.
