Fight fraud in 2024: All you need to know

by Chris Hooper, global director of content, Veriff
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The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline of fighting fraud – and allows us to build a comprehensive picture of exactly what organisations need to do to ensure they are adequately protected.

You can read the full report here, but below are the five key takeaways for keeping your business and end-users safe in 2024.

Fraud is here to stay

Sadly, fraud is an ongoing and growing problem. Veriff’s data shows that 6% of all verification attempts were fraudulent in 2023, and at 20%, overall fraud has risen year over year since our 2023 Fraud Report. 

Diving into that number, we found that there are certain industries where the fraud rate is growing alarmingly, with eCommerce, payments, and video gaming platforms the worst hit.

eCommerce saw a 40% increase in net fraud compared to 2022 (from 12.4% to 17.4%), payments went from 4.07% net fraud rate in 2022 to 6.28% in 2023 – a 54% increase, video gaming platforms saw a 47% rise compared to 2022, and mobility platforms saw a 19% rise in Net Fraud compared to 2022.

Identity fraud is still a major threat

Identity fraud is the biggest scourge for our customers, averaging about 6.03% of all attempted transactions over the course of the year. Within this broad category, the most common type of fraud is impersonation fraud. This comprised 85% of all fraud in 2023, with nearly 10% of all attempted verifications in the year actually being impersonation fraud attempts. 

Impersonation is a complex danger, ranging from synthetic IDs to initiating a verification process with someone else’s document. However, it’s not the only type of identity fraud that should concern online businesses. Document fraud – which can see physical alterations to a document or the creation of a counterfeit document – took up more than 1% of all attempted verifications in 2023.

The growth of authorised fraud

These are scams in which a user is deceived into authorizing a transaction. For example, the fraudster might pretend to represent your financial institution to trick you into making a verification attempt. 

It saw a dramatic – and worrying – rise over the course of the year, with a 40% expansion in the fourth quarter. In total, it made up about 1.15% of attempted verifications. Common examples include elderly people being tricked into sharing financial information to remove a virus from their computer, for instance.

A complex, evolving danger

Of course, there are many different types of online businesses and organizations operating in different regions worldwide. These differences can lead to substantial differences in the nature of the fraud threat and its form. 

The threats depend on the geographical region in question. For example, over 80% of fraud in Latin America is committed using ID cards. By contrast, in North America, driver’s licenses are a far greater target, representing nearly 67% of fraud committed using ID cards. 

These differences break down further when we examine specific sectors in certain regions. For example, while passports are disproportionately deployed to commit fraud in e-commerce across all three of the regions we focused on, driver’s licenses were a particular target in communities/gaming in North America.

The fraud prevention ecosystem approach

What does this all mean? Fundamentally, it is impossible to adopt a one-size-fits-all approach or to imagine that a growing company can deploy just one tool to tackle every type of fraud it faces across a complex global and sectoral landscape. 

Article by Veriff

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