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.
