LibraryblogVeriff’s 2021 Fraud Report is Now Live!

Veriff’s 2021 Fraud Report is Now Live!

It's December, which can only mean one thing - Veriff's 2021 Fraud Report is here! Read the insights from an extensive analysis of 11 months of verifications. Is fraud rising? Which industry saw the biggest growth? What's the global picture? Download it today to find out!

A header image for the blog announcing Veriff's 2021 Identity Fraud Report.
Ashley Nelson
December 7, 2021
Blog Post
Fraud Prevention

To ring in 2022, Veriff is gifting our 2021 Fraud Report to share our findings and observations in the world of online identity fraud over the last year. Our trusted research team has taken the time to break down our proprietary fraud data by type – document fraud, identity fraud, technical fraud, and recurring fraud – to help provide context into some of the results and key trends we’ve drawn from our analysis of the year. 

As the business world continues to evolve digitally — with COVID-19 continuing to put a strain on the globe, crypto gaining speed, and e-commerce booming — understanding the global state of fraud is important to Veriff and vital to creating a more secure space online. The fraud report is one way for Veriff to better understand the global fraud landscape, and to help our partners better understand how we can help their business. 

Some key takeaways from the report: 

  • Identity fraud makes up close to two-thirds of all fraud incidents globally and has doubled compared to 2020
  • Fintech saw a 50% increase in fraudulent activity compared to the year before
  • Crypto’s net fraud rate is 7.44% and remains the most fraudulent industry compared to fintech and mobility
  • Global fraud has increased in the U.S. & Europe, with Europe seeing its fraud rate double from 2020

“Through the urgency to digitize over the past 18 months, businesses and consumers alike have increased online transactions and activity. However, this increase in activity shouldn’t equate to more risk and identity fraud. Yet, our report findings clearly show that financially motivated cybercriminals are not slowing down,” said Janer Gorohhov, CPO and co-founder of Veriff. 

“Concepts like AI-based video editing and augmented video processing are not just buzzwords anymore. Users online can access plug-and-play products that enable them to use the power of deep learning and advanced AI to mask, anonymise, and alter images and videos. Therefore, there’s a growing need for solutions like Veriff’s technology that can catch deepfakes.”

If you’re interested in taking a more in-depth look at fraud trends from 2021, as well as have a better understanding of the global state of fraud, download Veriff’s 2021 Identity Fraud Report here