250% increase in fraud attempts although detection remains strong, IDnow reports

Thursday 26 November 2020 12:55 CET | News

Identity Verification-as-a-Service solutions provider IDnow has published the latest figures on changes in fraud methods within the digital environment in its Cyber Security Report 2020. 

Although the company sees a strong increase of 250% in fraud attempts, technology and security systems remain ahead of the new trends. Since the beginning of 2020, IDnow sees a general increase in the demand for digital services and processes. However, digital fraud methods have also changed and, in addition to new scams, show a dramatic increase over the year.

Between March and June, IDnow saw new developments in identity fraud: cases of similarity fraud increased by 231% during this period, fake-ID fraud rose by 180%, and social engineering attacks by 75%.In social engineering, fraudsters use, for example, applications for government aid programmes or, in the context of increased unemployment, false job advertisements as a lure.

The company has invested in a comprehensive concept and early indicator detection to stay one step ahead of the fraudsters, and it has set up an anti-fraud team to do research in Darknet, test fake ads, and exchange information with victims to study the exact approach of the fraudsters. 

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Keywords: IDnow, report, fraud, COVID-19, pandemic, coronavirus, fraud detection, iD, social engineering
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events