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Increased fraud attempts in 2017

Over two-thirds (67%) of businesses have experienced more sophisticated fraud attempts across multiple customer-not-present channels this year. This boom, compared to last year’s 42%, was observed across financial services, healthcare, insurance and e-commerce industries.

An increase in mobile-based fraud, led by device cloning, 50% of businesses surveyed in IDology’s Annual Fraud Report.

Fraud prevention challenge: shifting fraudster tactics, complexity of identity verification, addressing rising synthetic identity fraud.

Criminals have benefited from major breaches provided them with more identity data. 31% of the business interviewed also reported an increase in synthetic fraud identity (SIF), a combination of real and fabricated identity information used to create a new identity. 58% of them stated being “extremely” or “very” worried about it.

Reducing friction was seen by 40% of businesses as one of the biggest challenges with respect to identity verification and fraud prevention. The amount of breached data accessible, ever-changing tactics along multiple threat points, the rise of more sophisticated approaches and the need for a seamless customer experience without added friction, have together made modern identity verification extremely complex.

Wordline launches YUMI

The new payment device, which brings physical and online commerce together, is customisable to the retailer’s brand.

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