Daon

In the past eighteen months, fraud schemes have been on an unprecedented rise. In fact, the Association of Certified Fraud Examiners called the coronavirus pandemic “a perfect storm for fraud.” And while businesses have worked to strengthen their defenses, many have overlooked a critical weak point: their contact center.

Even before the pandemic, Aite Group found that 61% of all fraud losses could be traced back to the contact center. In another survey from late last year, Aite found that 42% of respondents reported an increase in fraud losses during 2020 (as compared to 2018), and of those, 13% saw an increase of 10% or more.

We're pleased to welcome you to our quarterly newsletter with insights on market trends, business and product updates, and other highlights.

In this issue, you’ll hear from Daon CEO, Tom Grissen, on several industry updates, including how major financial institutions are reacting to an increase in fraud attacks by accelerating their adoption of digital technologies to securely onboard and authenticate customers.

Over the last few years, Near-Field Communication (NFC) technology has been making our lives easier and more secure in numerous ways—enabling contactless payments, electronic tickets, keyless hotel rooms, and all manner of smart home innovations.

At its most basic, NFC communication protocols enable two electronic devices to communicate via radio waves when in close proximity.

For example, when you present an e-passport to an automated reader at an airline gate, NFC can confirm that the information on the passport chip matches the personal information you’ve provided. And because the data on that chip has been digitally signed by the passport issuer, it’s essentially tamper-proof.