A report from Veriff reveals that 1 in 20 on-line id verification makes an attempt are fraudulent within the monetary providers sector.
The report means that the rise in on-line id verification fraud within the sector corresponds with the elevated sophistication in AI-driven instruments, and year-over-year, on-line id fraud has risen by 21%.
Key findings from the report embrace:
- A majority of shoppers (82%) won’t join a monetary providers platform with out confidence within the entity’s fraud fraud safety capabilities.
- 38% of shoppers say biometrics are their prime choose for securing interactions, with facial recognition as the preferred.
- 60% of monetary providers corporations report a rise in AI assaults.
- Amongst monetary service respondents in the US, 64% are at present utilizing AI as a mechanism for fraud prevention. 20% intend to take action within the subsequent yr.
Notably, the report discovered that one-third of shoppers within the U.S. skilled some type of non-refundable monetary loss attributable to fraud. Most monetary service sector senior fraud decision-makers (89%) anticipate an increase in fraud for 2025, notably these powered by AI.
