A Jumio research has found that while global new account fraud rates fell by 23% in 2020, but fraud rates in the UK climbed 28%.
Jumio’s 2020 Holiday Fraud Report also found that the catch rate for selfie fraud was almost five times greater than for ID fraud, highlighting the growing importance of capturing a selfie during onboarding to deter new account fraud
At the same time, selfie-based fraud rates were nearly five times higher than ID-based fraud. This illustrates the growing number of stolen ID documents available on the dark web for purchase and, more importantly, the growing need to determine if an ID is authentic and belongs to the user.
The fourth edition of Jumio’s Holiday New Account Fraud Report examines fraudulent attempts to open a new account using a manipulated government-issued ID and a corroborating selfie. Selfie-based fraud describes fraudulent attempts to use a picture or video (e.g. deepfake) instead of a genuine selfie to corroborate a digital identity. The fraud rate associated with the selfie averaged 4.92% in the UK in 2020, compared to 1.03% for ID-only verification.
Key findings include:
The report is based on the analysis of tens of millions of transactions from a variety of industries and geographies around the globe. It targets the period of January through October each year and the month of November to cover the holiday shopping period.
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