How is identity fraud changing?
Identity document fraud is on the rise
Fraud of all kinds has increased during the pandemic. ID fraud is no different. Accelerated digital transformation and a turbulent economy means there’s more opportunity for fraudsters to slip through the cracks. And they’re taking advantage of it – attacks are coming thick and fast. Identity document fraud’s increasing, and won’t settle down as the post-Covid landscape continues to shift.
Fraudsters are choosing both quality and quantity
There’s been an uptick in ‘unsophisticated’ fraud – but that doesn’t mean it’s easier to catch. The bar has been raised on what constitutes ‘easy’ fraud as more opportunistic fraudsters get in on the game. Now, businesses now need to fight the battle against ID fraud on two fronts: high quality and high volumes.
Biometric fraud is a fast-developing space
Fraudsters are getting smarter. For the first time, we saw deep fakes in our system – as well as 2D and 3D masks and replay attacks. While biometric fraud is still in its relative infancy, it’s evolving rapidly as fraudsters get to grip with new tech. Businesses need to start thinking now about how they plan to tackle it long-term.
Get briefed on the latest trends.
Identity Fraud Report
In this report, we analyze data to understand where current and future risk lies. As document and biometric fraud specialists, we verify the identities of millions of users every year and have a unique perspective on developing trends.
Identity fraud: 6 things to know for 2021
Identity fraud isn’t going anywhere. Over the last few years, fraud rates have climbed steadily. This blog examines some of the trends our Fraud Team is predicting for the year ahead.
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