It’s been a bumpy year for businesses. The pandemic has meant that most (if not all) have had to change their plans for everything from staffing to strategy. For some, it’s opened up new business opportunities. For others, it’s exposed existential threats. One of those threats is now greater than ever before. Fraud already costs the global economy $5 trillion a year. This year, that’s increased again.
In this report, we analyze data from our roster of global clients 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.
Read Onfido’s Fraud Report 2020 to get best practice advice on how to tackle the latest fraud trends and techniques.
- Identity fraud is on the rise. Findings show that the fraud rate has steadily increased over the past year. This is a result of the pandemic - rates spiked during the first lockdown, and have stayed up ever since - and also by a new wave of ‘unprofessional’ and opportunistic fraudsters entering the marketplace, who are taking advantage of the disruption to perpetrate attacks.
- Fraud is getting harder to catch. The bar for what constitutes ‘easy’ fraud is getting higher. We found that fraudsters are becoming increasingly creative, with sophisticated ‘replay’ and Deep Fake attacks being attempted against biometric defenses.
- For businesses, the fight against identity fraud has got harder. Without the right approach in place, they’ll struggle to keep pace with both high quality and high volumes of attacks.