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The banking sector is the most affected by identity fraud, since 80% of fraud is aimed at opening bank accounts and completing consumer credit applications. Once approved, these kinds of fraud are difficult to detect and it is almost impossible to recover the amount stolen. Another problem identified is the enormous cost of copying and storage identity.
Speed and accuracy are indispensable to the financial services business and are needed to balance out the desire to streamline customer facing processes while mitigating fraud exposure