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 businesses 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. Onfido’s Identity Fraud Report 2020 analyses data from its roster of global clients to understand where current and future risk lies. As document and biometric fraud specialists, Onfido verifies the identities of millions of users every year, and has a unique perspective on developing trends.
The bad news is that identity fraud is definitely on the rise. Findings from the Fraud Report show that fraud rate has steadily increased over the past year. That’s being driven in part by the pandemic; rates spiked during the first lockdown, and have stayed up ever since. There’s now a new wave of ‘unprofessional’ and opportunistic fraudsters entering the marketplace, who are taking advantage of the disruption to perpetrate attacks.
But that doesn’t mean they’re getting any easier to catch. In general, the bar for what constitutes ‘easy’ fraud is getting higher. Onfido’s Fraud Report shows 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 just got harder. Without the right approach in place, they’ll struggle to keep pace with both high quality and high volumes of attacks.
Onfido’s Fraud Report 2020 takes a deep dive into the latest trends and techniques in identity fraud, and shares best practice advice for tackling them effectively in the year ahead.