The lapse in updating death records in a company’s database has led to reputational damage, customer dissatisfaction, fraud and financial losses. While organizations strive to conduct KYC/AML identity verification across various sources to provide accurate, up to date and complete identity information, there had been a lack of readiness when it comes to a single source of truth on death checks.
With millions of death records accumulated over the years at an average of 6.593 deaths per 1000 people over the past 20 years, the banking royal commission has flagged organizations for charging “fees for no service” against the deceased. Furthermore, Australia Institute of Criminology (AIC) estimates the direct costs of identity crimes are at a minimum of $2.1B annually to individual victims, businesses and government agencies. Organized crime rings have sunk to new lows and has gone beyond targeting the living; deceased records are used to fraudulently open credit card accounts, apply for loans, apply for mobile phones, and collect tax returns.
The panel discusses reputational damage, and, financial and fraud threats on death abuse. Look forward to actionable insights on how you can declutter your database by using deceased status indicators to protect your organization and your customers’ loved ones against misuse of their data.