{"id":19009,"date":"2022-12-08T00:53:07","date_gmt":"2022-12-08T05:53:07","guid":{"rendered":"https:\/\/www.m2sys.com\/blog\/?p=19009"},"modified":"2022-12-08T00:53:07","modified_gmt":"2022-12-08T05:53:07","slug":"identity-theft-in-the-banking-sector-endangers-south-africans","status":"publish","type":"post","link":"https:\/\/www.m2sys.com\/blog\/biometric-technology\/identity-theft-in-the-banking-sector-endangers-south-africans\/","title":{"rendered":"Identity theft in the banking sector endangers South Africans"},"content":{"rendered":"<p>Despite countless warnings<!-- warnings from governmental and financial institutions --> and<!-- As well as --> measures to safeguard customers, identity theft in South Africa continues to escalate. According to reports<!-- Related reports -->, someone&#8217;s identity is stolen every two seconds somewhere in the globe.<\/p>\n<p>According to recent figures from the National Council on Identity Theft Protection in the United States, identity theft would<!-- Was estimated to  --> cost Americans about $6 billion in 2021. In the same year, the Federal Trade Commission received 5.7 million fraud and identity theft complaints, with identity theft accounting for one-quarter of them.<\/p>\n<p>Identity theft is estimated to cost the South African economy more than R1.5 billion each year. At some point, almost everyone is touched by identity theft, whether directly or indirectly.<!-- It is not unrealistic to say that just about every person in South Africa has been affected by identity theft, directly or indirectly. --><\/p>\n<h2>The upward trend<!-- Current Upward Trends --><\/h2>\n<p>Even before the COVID-19 epidemic pushed people online during the early severe lockdowns, digital transactions were on the rise<!-- Already on the rise -->. Now that the coronavirus&#8217;s health effect has subsided<!-- The most extreme COVID-19 safety measures have been retired -->, the usage of online platforms to buy, bank, and conduct business has increased<!-- Has actually increased -->, with the value of worldwide online transactions reaching into the billions and growing.<\/p>\n<p>Fraudsters, hackers, and organized criminal syndicates have been chasing the money<!-- Are supremely aware of this trend --> and have stepped up their efforts to acquire access to victims&#8217; personal information and identities.<\/p>\n<p>Customer negligence is not the only source of <a href=\"https:\/\/www.m2sys.com\/blog\/biometric-technology\/biometrics-privacy-and-identity-theft-what-are-you-risking\/\">identity theft<\/a>. There are definitely persons and criminal syndicates that explicitly target individuals, but <!-- . Beyond human error, however, -->there are also algorithms and bots that look for weaknesses to exploit.<\/p>\n<p>There are various benefits to switching from a physical identity to a digital identity, such as efficiency and inclusiveness. According to research, a solid digital identity may help with improved user control of data, privacy protection, online transaction security, and lower aversion to transacting online, among other things<!-- As well as several additional benefits. -->.<\/p>\n<h2>Modern technology<\/h2>\n<p>Financial institutions are rapidly realizing the value of modern biometric<!-- bio-metric --> verification technology in protecting themselves and their customers<!-- As well as their customers. --> from not just<!-- In the modern world, there are near-countless ways to address --> identity theft concerns, but also<!-- As well as --> money laundering fraud, regulatory penalties, and reputational harm.<!-- The potential for harm to the perception of your business. --><\/p>\n<p>Less savvy<!-- Traditionally, older and less tech-aware --> individuals and bank clients have been unwilling to use biometrics to access internet<!-- Internet --> services. When customers realize that they are adding an extra layer of protection against fraud and identity theft, they<!-- However, they --> are significantly more ready to go the<!-- Likely to consider --> biometric onboarding way.<!-- Protection methods --><\/p>\n<p>When clients realized that biometric verification technology improved their cyber security, one financial institution saw a 100% rise in the number of customers who used it<!-- Those protections compared to before the test. -->.<\/p>\n<h2>Security and safety<!-- Safety --><\/h2>\n<p>Given the worldwide emphasis on anti-<!-- Effort to decrease  -->money laundering and efforts to prevent illegal funding, onboarding<!-- Universal education --> in financial services and wealth management is becoming more crucial. The financial sector, notably the banking business<!-- industry --> in South Africa, is emphasizing on<!-- The importance of --> biometric verification for safety and security rather than as a formality<!-- [delete] -->.<\/p>\n<p>Businesses are using<!-- Increasingly turning to --> high-quality <a href=\"https:\/\/www.m2sys.com\/end-to-end-turnkey-biometric-solution\/\">turnkey biometric solutions<\/a><!-- Solutions to solve these problems -->. <a href=\"https:\/\/www.m2sys.com\/\">M2SYS<\/a> is a prominent provider of precise and cost-effective biometric turnkey solutions in the United States.<\/p>\n<p>Governments and organizations that have not yet completely adopted digital biometric identity verification face an increasing need and necessity to do so.<!-- Date-backed pressure to do so --> There is not just a local push to adopt this transformational technology, but also a global one. Verified evidence of identification will become more frequent in online safety and security since it protects the integrity of organizations and people &#8211; and their financial activities.<!-- Financial activities for both average citizens and businesses. --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite countless warnings and measures to safeguard customers, identity theft in South Africa continues to escalate. According to reports, someone&#8217;s<\/p>\n","protected":false},"author":383,"featured_media":19010,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","_lmt_disableupdate":"","_lmt_disable":"","twitterCardType":"","cardImageID":0,"cardImage":"","cardTitle":"","cardDesc":"","cardImageAlt":"","cardPlayer":"","cardPlayerWidth":0,"cardPlayerHeight":0,"cardPlayerStream":"","cardPlayerCodec":"","footnotes":""},"categories":[911],"tags":[231,39,62,1851],"class_list":["post-19009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biometric-technology","tag-banking","tag-biometric","tag-identity-theft","tag-turnkey-solution"],"acf":{"_how_to_content":null,"_faq_content":null,"_structured_meta_data":null,"_tl_dr_content":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Identity theft in the banking sector endangers South Africans - Digital Transformation of Government Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.m2sys.com\/blog\/biometric-technology\/identity-theft-in-the-banking-sector-endangers-south-africans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identity theft in the banking sector endangers South Africans - Digital Transformation of Government Services\" \/>\n<meta property=\"og:description\" content=\"Despite countless warnings and measures to safeguard customers, identity theft in South Africa continues to escalate. 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