Science & Technology

Most fraudulent industry unveiled

Financially-motivated cybercriminals are not slowing down

fraud

Most fraudulent industry unveiled. Source: pixabay.com

Fraud cases have risen by 61% in 2021 in comparison to 2020, according to Veriff.

This comes with the rise in different kinds of fraud across crypto, fintech and mobility industries.

Identity fraud, which accounts for close to two-thirds of fraud cases worldwide, has doubled in 2021 compared to 2020. It was most rampant in fintech, accounting for 56% of fraud attacks where fraudsters used Identity cards in 33.91% of their illegal verifications. This was followed by the use of passports which accounted for 29.19%.

The growth in the cryptocurrency industry has also led to an increase in risks. With a 7.44% fraud rate, it is the most fraudulent sector since 2020 in comparison to mobility and fintech. Identity fraud, which makes up 44% of fraud cases, is the most prevalent.

Concepts like AI-based video editing and augmented video processing are not just buzzwords anymore. Users online can access plug-and-play products that enable them to use the power of deep learning and advanced AI to mask, anonymise, and alter images and videos. Therefore, there’s a growing need for solutions like Veriff’s technology that can catch deepfakes
Janer Gorohhov, CPO and co-founder of Veriff

Global fraud cases have risen in Europe and the US, with a worldwide fraud rate of 9%. The US experienced 8% of fraud cases while Europe experienced 6% in 2021. Identity fraud cases have doubled in Europe in 2021 compared to 2020.

We’ve reported that sophisticated fraud increased by more than half over last year.

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