LibraryreportsVeriff Identity Fraud Report: H1 2021

Veriff Identity Fraud Report: H1 2021

Download our brand new Fraud Report covering January to June 2021 and find out what trends have emerged throughout the year so far and which industries Veriff works with have seen the biggest growth in fraud in the first 6 months of the year.

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Patrick Johnson
August 27, 2021
Fraud Prevention

Veriff's Identity Fraud Report, covering January to June 2021 is now live and you can download it by clicking the button above and completing a quick and simple form.

Why download it?

Well, here are a few key discoveries we've made in the first half of this year:

The net fraud rate increased by 15% compared to H1 2020

Fraud continues to be on the rise despite businesses investing in systems and solutions built for prevention.

Identity fraud experienced the highest year-over-year increase by 19%

This is a testament to the many fraud incidents that continue to plague businesses and individuals on a global scale.

Out of the various fraud types, recurring fraud experienced a 14% decrease year-over-year

This is down to fraudsters discovering new ways to commit fraud and infiltrate systems. They're consistently employing new strategies that evade crosslinking, allowing them to only be linked solely on face data.

As crypto grows in popularity, it experienced the highest fraud increase in the first half of 2021

Something for investors to consider as digital currencies becomes more prevalent over time. 

The fintech sector saw a 99% increase in recurring fraud during the first half of 2021.

This can be evidenced by velocity abuse — once a fraudster has been approved and infiltrates a system, they will utilize that loophole to get approved as many times as possible, normally verifying different real users without telling them what they’re being verified for.

To learn more in detail, and read the report in full, hit the button at the top of the page, complete the form and download our identity fraud report today.