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Cyberfraud/ID Theft
Banks and other financial institutions likely the biggest clients
Bad actors only need to identify, infiltrate and take advantage of the weakest link in the financial services chain
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability”
Four banks have signed on for the pilot, mostly in Australia
More than 650 branches and 2,400 service machines effected
The cost of fraud isn’t limited to the loss itself
Canada is a hotbed of money laundering crime in the same league as China, Iran, Paraguay
Advances in digital identity authentication are providing a better customer experience while shrinking the window for losses
Every year, it is estimated elder adults are exploited for up to $36 billion
Fraudsters continue to get smarter and come up with new methods to scam businesses
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