BeyondID Introduces New Fraud Prevention Solution to Strengthen Modern Digital Identity Security

New solution is designed to help financial services institutions reduce the risk of fraudulent activities while delivering a secure total experience

SAN FRANCISCO, Oct. 15, 2024 /PRNewswire/ -- BeyondID, a leading managed identity solutions provider (MISP), today announced a fraud prevention solution for its customers. Fraud prevention will be part of the company's managed identity solutions and help customers to deliver a secure total experience. With these new fraud prevention capabilities, BeyondID can combat modern identity fraud scams with strong identity security.

Financial institutions are the top target for digital identity fraud, as hackers frequently target organizations with direct access to monetary resources and sensitive data. According to the Financial Crimes Enforcement Network (FinCEN), 42% of Bank Secrecy Act reports were related to identity in 2021, indicating approximately $212 billion in suspicious activity. 

Fraud prevention and digital identity are closely linked and when organizations focus on both, it can dramatically minimize the impact of breaches. When every service requested by every user, whether human or machine, is authenticated, authorized, and encrypted end-to-end, the organization significantly reduces the risk of fraudulent activities.

"As organizations become more interconnected, they face the growing challenge of digital identity fraud—where attackers exploit vulnerabilities across multiple systems to gain unauthorized access," said Arun Shrestha, CEO and co-founder of BeyondID. "With our advanced fraud prevention solutions, we can help our customers, especially those in the financial services industry, tackle the thorny challenges around digital identity security without sacrificing user experience."

The company's fraud prevention focus will be highlighted at Oktane24 where Neeraj Methi, Vice President of Solutions, will lead a session titled "Combat Digital Identity Fraud: Enhancing Security and User Experience." The session will be an opportunity for attendees to learn more about building a comprehensive identity strategy to balance robust protection with a seamless user experience.

Organizations interested in exploring fraud prevention through identity can learn more by watching BeyondID and Okta's joint fraud prevention webinar "Prevent Fraud in Financial Services with Identity," or downloading BeyondID's e-book "The War Against Fraud: Safeguarding Your Workforce & Customers."

About BeyondID

BeyondID is a leading Managed Identity Solutions Provider (MISP). By delivering secure solutions and services that help manage digital identities, BeyondID enables organizations to control access to applications, data, networks, and devices while facilitating continuous regulatory compliance and ensuring seamless user experiences. BeyondID has created Secure Total Experiences for organizations like TDECU, Inception Health, Johnson Financial Group, Biogen, Northern Trust, and Cone Health. More information about BeyondID can be found at www.BeyondID.com.

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SOURCE BeyondID