Get the global picture of the current fraud landscape drawn from our cross-industry work across all regions over the last year. With the most insightful data, opinion and analysis from our world-renowned fraud experts, and tips to help you stay ahead of the fraudsters in 2024, the Veriff Fraud Report 2024 is a must read.
The Veriff Fraud Report 2024 provides a comprehensive understanding of the fraud landscape worldwide, derived from extensive cross-industry research conducted across all regions throughout the past year.
With unparalleled data, expert opinions, and in-depth analysis from our globally recognized fraud specialists, coupled with practical tips to help you outsmart fraudsters in 2024, the Veriff Fraud Report 2024 is an essential read.
Let’s take a look at some key highlights from the report – and what it means for fraud prevention strategies for organizations in the digital economy.
Unfortunately, fraud trends remain worrying, a persistent and escalating issue. According to Veriff's data, 6% of all verification attempts were fraudulent in 2023.
Further analysis reveals alarming growth rates in specific industries, with eCommerce, payments, and video gaming platforms experiencing the highest impacts. In the eCommerce industry, there was a 40% surge in internet identity fraud compared to 2022. Payments industry saw a staggering 54% increase from a net fraud rate of 4.07% to 6.28%, video gaming platforms observed a 47% rise, and mobility platforms encountered a 19% jump in net fraud compared to the previous year.
At Veriff, we recognize that identity fraud remains at the forefront of our customers’ concerns, representing a noteworthy 6.03% of all transaction attempts over the year. Among these, impersonation fraud stands out, making up 85% of all fraud incidents in 2023. Additionally, document fraud, though accounting for just over 1% of all verification attempts, continues to present considerable hurdles.
Authorized fraud, where users are deceived into authorizing fraudulent transactions, experienced a worrisome 40% surge in the fourth quarter alone, comprising about 1.15% of attempted verifications. Common examples include scams targeting elderly individuals, tricking them into sharing financial information under false pretenses.
For our customers, the worry of identity fraud remains top of mind, affecting about 6.03% of all verificationsover the year. In this realm, impersonation fraud is the biggest villain, making up 85% of all fraud incidents in 2023. When it comes to document fraud, which is behind more than 1% of all verification tries, challenges are still notable. Delving deeper, Identity Cards found themselves in the crosshairs in 80% of document-fraud cases... while, interestingly, in North America, the Driver's License becomes the prime target.
Additionally, certain industries within various regions have their own specific weak spots. For instance, while passports are a common tool for fraudsters in eCommerce worldwide, gaming communities in North America face a unique challenge with driver's license fraud. This vulnerability arises primarily because these gaming platforms often require proof of identity for age verification and other security measures. The widespread use of driver's licenses as a primary form of identification in North America makes them a prime target for fraudsters looking to bypass these checks and gain unauthorized access or privileges within these gaming ecosystems.
Addressing the multifaceted and evolving nature of fraud demands a tailored, data-driven, ecosystem-based approach. At Veriff, we offer a suite of fraud mitigation products, within our Fraud Protect and Fraud Intelligence, designed to cater to the diverse needs of different sectors.
These solutions leverage the latest technology such as AI, biometrics, and an extensive database of over 11,400 document types to enhance fraud detection and provide unparalleled insights and expertise.
By deploying these resources, businesses can ensure the safety and security of their clients, streamline onboarding processes – and safeguard their reputations.
Veriff plays a vital role for Bluedrop ISM in combating IDV fraud by providing a seamless and secure identity verification solution. By leveraging Veriff's sophisticated authentication process, Bluedrop ISM is able to meet unique client requirements efficiently and securely. Veriff's detailed technical documentation, SOC 2 certification, and GDPR compliance align with Bluedrop ISM's high standards, ensuring a trustworthy integration process. The ability to host data in various jurisdictions caters to diverse client needs, while the clear documentation and accessibility of Veriff's support enhance the integration experience. Through Veriff, Bluedrop ISM not only meets specific client demands but also streamlines operations, allowing teams to focus on strategic initiatives without disruptions. Furthermore, Veriff's adaptive approach in addressing challenges, such as discrepancies in ID expiration, demonstrates its commitment to facilitating a smooth and compliant verification process. Overall, Veriff serves as a crucial partner for Bluedrop ISM, enabling them to enhance security measures, meet regulatory requirements, and deliver a seamless user experience in the fight against IDV fraud.
The Veriff Fraud Report 2024 is built on our own data: the insights we gain from providing our customers with a market-leading IDV solution.
Our data covers:
The Veriff Fraud Report 2024 is a must-read for any organization in the digital economy for one key reason: it is founded on real-world data from a market-leading provider.
Our projections and conclusions are based on front-line data in the battle against fraudsters.
Veriff’s IDV solution, built upon AI-powered automation and advanced biometrics, relies on a library of over 11,500 government IDs from more than 230 nations and territories around the globe.
We automatically analyze over thousands of data points, helping to fight evolving fraud typologies, no matter the sector in question.
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