Veriff’s latest report shows AI-driven fraud surging in payments, prompting firms to invest in biometrics and identity checks to protect revenue and trust.
Fraud is accelerating across payments and financial services, and it’s getting smarter. Veriff’s latest findings show online fraud is sharply climbing, driven by AI-generated media, impersonation tactics, and evolving scams that can bypass traditional controls.
In payments specifically, Veriff’s research highlights an 89% jump in attempted fraud, with sophisticated, AI-enabled attacks up 3.6x in under a year. This has a material impact: over 75% of businesses report revenue losses, and some see losses in the double digits. Meanwhile, consumers increasingly expect reimbursement when fraud occurs.
The report also shows how the industry is fighting back. Providers are investing heavily in AI, biometrics, and identity verification (IDV) to meet increasingly stringent compliance requirements and protect customer trust. Customers are also driving this shift: over 82% say robust security measures, such as ID checks and selfies, are essential in financial services.
With real-world case studies from payments and fintech, The Future of Payments outlines the threats, regulatory pressures, and practical strategies that will define how platforms secure onboarding and balance strong fraud defences with a seamless user experience.
👉 Read the full report to explore the fraud trends, compliance demands, and the security approaches shaping the future of payments and financial services.
