How KYC API Solves Identity Theft Problems in Finance | HackerNoon

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How financial institutions can use API KYC curb the growing threat of cyber identity theft and proactive measures for individuals to prevent cyberattacks. - cybersecurity identityverification

The emergence of technology — which poses itself as an opportunity ready to enhance human endeavor with ease — doesn't come without its challenges. While people get to execute almost all of their daily activities on the spot, with access to the internet via smartphones, computers or laptops, the problems introduced by the same invention are highly hazardous to human well-being.

Identity theft is one of the most common cybercrimes committed nowadays. This is because people now have free access to vital information about one another. This article will clinically note identity theft occurrences and the possible solutions to such cyberattacks.Identity theft occurs when someone unlawfully possesses the personal or identifying information of another person without the owner's permission or knowledge, and uses it to commit fraud.

Unfortunately, many cybercriminals involved in identity theft smoothly succeed in their malicious acts by applying cunning tactics such as phishing, social engineering, spyware, and malware when they target vulnerable people to give up their personal information.

This occurs when a person poses with another person's identity to purchase goods or obtain some benefit or service.. It includes creating fake identities by fraudsters with real information about their victims such as their Social Security Number, home address, birthdates, etc, to demand loans or fraud. Most often, this happens to the vulnerable, such as young people and the elderly.

 

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