Veriff releases its annual Identity Fraud Report

Estonia-based Veriff has launched its Identity Fraud Report 2024 on global identity fraud.

According to the paper, fraud cases are increasing as scammers have more convenient tools such as generative AI and deepfakes-as-a-service platforms which help them to manipulate or steal someone's identity. The highest increases were recorded in the gaming, payments, and ecommerce industries, with 47.5%, 54%, and 40.3% compared to data from 2022.

In response to this identity fraud intensification, Veriff’s officials stated that one of the solutions to combat it would be combining IDV technology with human expertise to build a secure user experience. 

Moreover, the report shows that identity fraud has been the most common type of fraud in 2023. According to Veriff's report, approximately 6% of attempts were by a person pretending to be someone else. 

Veriff's data also revealed that 85% of fraud was categorised as impersonation fraud, which includes the use of someone else's document or the person or document not being present for verification. The remaining 15% consisted of document fraud, and digital and physical man-in-the-middle fraud (MITM). 

Investigating the fraudster's practice, Veriff concluded that they test out several methods on a target until they find a vulnerability, and then exploit that vulnerability until they are stopped. Therefore, it is necessary to adopt more than a one-size approach or tool if a company aims to tackle every type of fraud it faces across a complex global and sectoral landscape. 

Veriff previously projects to combat identity fraud

In October 2023, Veriff announced the launch of its new Fraud Protect and Fraud Intelligence packages. The products have been developed to provide organisations with tools and expertise to mitigate fraud attempts and verify users more efficiently. Each package is designed to meet the specific needs of a customer depending on the nature of their business, risk requirements, and in-house fraud detection capabilities. 

Moreover, at the end of August 2023, Griffin, a UK-based Banking-as-a-Service fintech, partnered with Veriff to offer identity and verification technology to BaaS customers. This allows fintechs to securely carry out biometric checks and onboard new users.