Global Identity Fraud Report 2020
Shufti Pro identified various types of identity frauds in 2020 and as per the available information, businesses can expect an increase in criminal activities this year as well.
The IBM reports state that the common expense of every misplaced or stolen information is $150 and millions of documents are stolen each year. In the first half of 2020, 540 data breaches were reported in the USA only.
The Covid-19 pandemic has initiated an inevitable wave in the application of digital technologies due to the social distancing norms. Individuals and companies all over the world have ought to adopt the new techniques of work and life. The online marketplaces kept growing despite the uncertainty due to the pandemic in 2020. Unfortunately, a surge in fraud and identity theft trailed this tremendous growth of online businesses. Multiple data breaches exposed billions of financial, personal, and healthcare records, which might result in a rise in identity and healthcare frauds in 2021. It is likely that these scams and frauds will increase in intensity after the pandemic.
There has been a rise in sophisticated fraud as an increasing number of businesses are spending on KYC compliance, and capturing conventional fraud attempts is easier for businesses. Professional fraudsters are using cutting edge AI and deep learning to develop synthetic identities to manipulate biometric authentication solutions. Shufti Pro captured multiple fraud attempts during identity verification checks. There has been a significant increase in ID document frauds, whereas biometric frauds have become more sophisticated.
This report contains information about the types and intensity of the frauds that we captured by synergizing AI and HI. Download the Global Identity Fraud Report to learn about the different types of methods that criminals use to manipulate identities. Also, 2021 fraud predictions are provided to help businesses plan a risk-free year ahead.