Identity fraud is on the rise.
Onfido’s Identity Fraud Report 2020 takes a hard look at the data to understand what trends are developing in the market, the techniques favoured by identity fraudsters and the best ways for businesses to protect against them.
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How has identity fraud changed in 2020?
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.