Veriff
A header image for the blog announcing Veriff's 2021 Identity Fraud Report.
Blog

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!

Download Report

Ashley Nelson, December 7th, 2021

Share

Share

Love this blog? Why not share it with the world?

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

Call to action

Ashley Nelson

Ashley Nelson

Sales Copywriter

Ashley is our Sales and Marketing Copywriter. Ashley joined the team to churn out engaging content and spread Veriff’s message far and wide, as well as help meld all the voices of Veriff into one, cohesive tone.

Stay up to date on Veriff news, product updates, and more

Veriff will only use the information you provide to share blog updates. You can unsubscribe any time. For more details, check out our privacy policy.

Related articles

What is enhanced due diligence (EDD) in banking?

Blog

What is enhanced due diligence (EDD) in banking?

EDD in banking involves gathering information in order to verify the identity of customers and calculate the exact level of money laundering risk each customer poses. During the EDD process, the customer is asked for a much greater amount of information than they are during the CDD process, as this information can be used to mitigate the risks involved.

What is due diligence in finance?

Blog

What is due diligence in finance?

When carrying out due diligence, a financial institution must determine whether they should perform customer due diligence (CDD) or enhanced due diligence (EDD). This is because FATF guidance suggests that companies should adopt a risk-based approach to due diligence that reflects the specific level of risk that each individual customer presents.

What is synthetic identity theft?

Blog

What is synthetic identity theft?

Synthetic fraud is incredibly dangerous and is a major problem facing the financial sector. Unlike third-party fraud, where an entire identity is stolen and used to defraud enterprises and victims, synthetic fraud frequently has no specific consumer victim.