I’ve participated in more fraud-related webinars in the past 8 weeks than the total number of trade shows I have attended in the last 8 years. The countless number of webinars solidifies what we (Panini) already know about fraud; the data and growth rates are simply staggering. In 2019, 94% of banks realized a growth in fraud, while the US lost over $16.9 Billion according to a Javelin 2020 Report, Genesis of the Identity Crisis.
Panini has a long history of developing and producing image capture and payment solutions via its scanners for checks and other documents. We serve financial institutions, corporations, and small businesses around the world. If you have taken checks to a bank over the last couple decades, there is a good chance it passed through a Panini scanner! As a Product Marketing Manager, I find it very rewarding to know that Panini not only has a focus on our current products, but also has a strong vision and an updated mission to create new products that combat fraud in the banking industry. As someone who has been hit by fraud before, including a stolen identity; I take this effort VERY personally.
So how easy is it to get a good fake/fraudulent drivers’ license? There are 32 active counterfeit vendors online (not counting dark web), mostly from Hong Kong and China where it is NOT illegal for them to produce fakes for foreign countries. Wow, there is something really wrong with that! These IDs are made from the same or very similar machines to produce authentic IDs, so they are very good fakes, very inexpensive and easy to buy. They even have embedded information in the 2D barcodes that match the written data on the front. In 2019, it is estimated that in the US alone there are over 6.75 million fake IDs in the hands of teenagers, but what scares me most . . . how many more were purchased to open/acquire bank accounts, credit cards, gun purchases, illegal immigration, money laundering, etc.?
During his keynote speech in 2018 at MRC Dublin about the certainty of future fraud, Dr. Patrick Dixon, author of The Future of Almost Anything, said “We’re dealing with an epidemic, a pandemic, a plague, we of all people are relatively sophisticated. We should know how to guard our stuff, but we are being fleeced, filched and brutally attacked every single day.” Perhaps these words are even scarier to hear right now, but I am confident with the right processes and procedures in place, along with human will and fortitude – we WILL WIN the battle on COVID-19. However, the outlook on fraud does not look favorable, and we all know we need to do something about it.
Panini has strong relationships with our customers, and we listen to their needs. We know financial institutions have been suffering from increasing fraud numbers. Typically, when we ask a banker if they have any issues with fraud, we get a rye smile back in return. No one wants to share their pain points, but all financial institutions are in the same boat. Panini knows the market needs a life preserver, so we are providing the banking industry some incredible fraud prevention options. It’s time to fight back, and Panini can help! I am very proud to work for such a proactive company and to have a part in developing our flagship secure identity product, Panini ValidātID. It helps banks fight fraud, increase office efficiencies and improve compliance. This is just the beginning of our fraud-related product offerings . . . wait until you see what we have coming next!
Be safe, be strong, be vigilant!
Product Marketing Manager, Panini