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Identity theft crime rings are increasing, as per Onfido's new report

Wednesday 8 December 2021 12:55 CET | News

Global identity verification company Onfido has published its 2022 Indentity Fraud Report, which reveals a new wave of organised crime entering the marketplace.

Over the past 12 months, 47% of all identity document (ID) fraud was classed as ‘medium’ sophisticated fraud, which is a 57% increase over the previous year, according to the press release. Less apparent errors, such as visibly incorrect fonts, imitated security features, or the wrong photo printing technique, suggest an increase in fraud rings, says Onfido.

Identity theft losses increased 42% in 2020, reaching USD 712 billion, making digital identity verification critical for enterprises, according to the report. Whether for financial services, retail, or healthcare, verifying that an online user is legitimate and present defines customer trust, and determines if a company is a leader or laggard in the digital economy, the company says.

The report also revealed that passports became the most frequently attacked ID: Over the past year, passports have overtaken National Identity Cards as the most frequently attacked form of identification. This points to a shift in fraudsters’ methods as they choose to target the one-sided passport page, rather than a two-sided ID card, and target the most high-assurance document in the hope that a passport’s reputation will help the fake go undetected, as detailed in the report.


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Keywords: Onfido, research, identity theft, online fraud, digital identity, identity verification
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime