The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

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    20 Facts and Statistics About the Global Finance Sector

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    The finance sector makes up around 20 to 25% of the global GDP. With the market capitalization reaching 7.4 trillion euros in the first half of 2021 from 5.6 trillion in 2016, imposters have laid eyes on this industry for their illicit gains. Keeping in view the rising number of financial crime numbers, global regulatory bodies are enforcing rigid laws and encouraging the banking and finance sector to employ automated solutions to combat FinCrime. This blog reveals 20 facts and statistics about the finance sector that you must know about. 

    Finance Sector – The Global Picture 

    A report reveals that the global financial services market is expected to reach USD 28,529.29 billion by the year 2025 at a Compound Annual Growth Rate (CAGR) of 6% from USD 22,515.17 billion in 2021. It is further stated that Western Europe has the biggest finance sector in the world with a 40% contribution to the global market, whereas the US ranks number two, accounting for 27% share. On the contrary, Africa has the smallest contribution to the global financial services market. Due to the Covid-19 pandemic, financial institutions have suffered huge losses, however, analysts are expecting revival of this industry by the year 2022. PwC reveals that the industry will soon face major technological disruption, for instance, paperless transactions will become the new norm in the coming years. On the flip side, the sector must be prepared to encounter new types of fraud too. Apart from all these forecasts, PwC further states that  Gen-Zers are likely to be major contributors to the finance sector’s growth in the years ahead. 

    Online Banking Fraud 

    Online banking fraud refers to the act of fraudulently sending or receiving funds from one’s digital account. Between 2010 and 2020, online banking fraud losses have reached USD 157.9 million in GBP last year. 

    • Physical goods account for 47% of the online payment fraud losses in 2021 (Juniper Research) 
    • Online payment fraud losses for merchants are expected to reach $206 billion by the end of 2025 (Juniper Research) 
    • 65% of the banking frauds reported in India were related to technology like unauthorised use of credit and debit cards online. (PwC) 
    • 31% increase in remote banking fraud was observed in the UK in 2020. (UK Finance) 
    • EUR 21.6 million worth of mobile banking frauds were reported last year in the United Kingdom. (UK Finance) 
    • There is a 7% increase in remote banking fraud in the first half of 2021 and fraud losses totalled £398.6 million. (UK Finance)
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    Credit-card Fraud

    • Card not present fraud is among the leading type of fraud and is on the rise in 2021. (Define Financial) 
    • Credit card fraud (debit, credit, charge and ATM-only cards) totalled £261.7 million in the first half of 2021. (UK Finance)
    • Card not present fraud resulted in £2 million loss in the H1 of 2021. (UK Finance) 
    • Counterfeit credit card fraud accounted for losses worth £2.6 million this year. (UK Finance) 

    Account Takeover Fraud 

    • New account fraud rose by 24% in 2021 (John Marshall Bank)
    • Account takeover fraud accounted for £14.6 million worth losses in 2020 (UK Finance)
    • Authorised Push Payment (APP) fraud losses totalled for £355.3 million in  the first half of 2021 (UK Finance)
    • Credit card fraud (debit, credit, charge and ATM-only cards) totalled £261.7 million in the first half of 2021. (UK Finance)

    Suggested: 40 Surprising Facts and Statistics About Money Laundering [2021 Update] 

    Identity Theft 

    Identity theft has long been a major problem for the global finance sector However, fraudsters have evolved strategically and now, they are employing advanced technology to execute their ill plans. Over time, ID theft cases have remarkably increased. 

    • 47% of the Americans were victims of financial identity theft in 2020. 
    • Identity theft cases in the United States cost $712.4 billion in 2020, a 42% increase from 2019.
    • 4.8 million identity theft and fraud reports were filed in 2020. (FTC)
    • $56 billion worth losses were recorded in 2020 due to identity scams and frauds. (Javelin)

    Recommended: AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021 

    Any Solution to Tackle the Rising Cases of Financial Crimes?

    Know Your Customer (KYC) and Anti-money Laundering (AML) screening are two viable solutions that the finance sector can employ to effectively tackle the rising FinCrime cases. 

    Know Your Customer (KYC)

    AI-backed KYC solutions allow financial entities to verify every customer’s identity before  onboarding them. Shufti’s KYC service offers a market-leading accuracy rate of 98.6% and the entire process takes about 30 seconds to complete. The end-user uploads a government-issued identity document that undergoes multiple authenticity checks like MRZ authentication, tampering/forgery checks, and rainbow print verification. 

    Anti-money Laundering (AML) Screening 

    To make sure the finance sector keeps high-risk entities at bay, an automated AML screening solution is required. Shufti’s state-of-the-art AML suite offers multiple options to the finance sector to combat crimes like money laundering and terror financing. In less than a minute, end-user’s identity is screened against 1700+ global watchlists including Politically Exposed Persons (PEPs) lists.  

    Key Takeaways 

    To sum up, perpetrators have figured out numerous  new strategies for their ill gains. Identity theft, account takeover fraud, credit card fraud, and synthetic identity fraud are some major concerns of the banking and finance sector. Furthermore, KYC/AML non-compliance penalties have significantly increased over the past few years. Henceforth, regulations for stricter customer due diligence protocols are now more rigid than ever. The finance industry can prevent bad actors and effectively comply with the evolving KYC and AML laws by employing AI-powered identity verification solutions. 

    Want to know more about KYC/AML solutions? Get in touch with our experts. 

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