General Manager at TrueVault Pty Ltd | Building a World of Secure, Reusable Identity & Biometric Backed Data Assertions
ALERT --> Data breaches are on the rise, and with every breach, we're losing ground in the fight against fraud. The reality is stark: most fraud occurs from compromised ID data, which is often the result of inadequate security practices. The article attached highlights how hackers exploit stored sensitive information, leading to repeated identity theft. If businesses and regulators continue facilitating the practice of collecting and storing ID without addressing the security risks, they're fueling the problem. It's time to adopt data minimisation, digital credentials, and advanced security measures like multi-factor authentication. Companies have a responsibility to be part of the solution—those who don’t are contributing to the ongoing crisis. The takeaway is clear: If you’re not part of the solution, you’re part of the problem! Every organisation must rethink its data handling practices to protect customers and help win the fight against fraud. #CyberSecurity #DataBreach #FraudPrevention #DigitalIdentity #RiskManagement Read more: https://lnkd.in/gBZu3954
Business Development Manager @ Australian Payments Plus | Customer Relations, New Business Development
2moWell said Martin, a super important message - every business has a role to play in fighting frauds and scams. Data used to be the new 'oil'. ID data should be treated as the new asbestos - avoided wherever possible and handled with extreme care/caution wherever necessary.