The Rising Threat of Fake Business Accounts: Mary Ann Miller Offers Guidance on Effective Identity Verification Strategies

Mary Ann Miller, Fraud & Cybercrime Executive Advisor and VP of Client Experience at Prove, has spent considerable time helping companies in almost every sector create effective identity verification and authentication strategies. With her background, she’s developed insights into all manner of threats that businesses face. With the proliferation of digital channels and the increasing amount of personal data available online, organizations face continuously-changing fraud challenges.

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Miller was the featured guest on InfoRisk Today, where she explained some of these rising threats and the corresponding need for better, more rigorous identity verification strategies.

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The banking and financial services industry will especially see an increase in scams and frauds perpetrated through fake businesses, incentivizing bad actors to continue creating these fraudulent entities, said Miller. She explained that the allure of quick financial gains, coupled with the relative anonymity offered by online platforms, makes the financial sector a prime target for such fraudulent activities. 

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"I don't think they're going to stop with their consumer generation of fake accounts, but I think that the prevalence and the increase in creating fake business accounts will continue to rise," said Miller.

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"I think that what is even more complex about this type of fraud is when someone's identity is wrapped up into a synthetic identity and then on top of that is used to open up a fake business," she said.

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In this video interview with Information Security Media Group, Miller discussed:

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• The importance of strengthening identity verification in the business sector;
• Strategies to improve "know your business" requirements;
• How the U.S. Small Business Administration helps to stop fraud.

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Please check out the InfoRisk Today segment with Mary Ann Miller, and contact Prove to learn more about how to establish your identity verification strategy.