Veriff's H1 2021 Fraud Report shows that fraud rate increased by 14.42%

Monday 30 August 2021 11:38 CET | News

Veriff has released its H1 2021 Fraud Report, uncovering findings of the world of online identity fraud over the first half 2021 as the world emerged from the grips of the pandemic. 

The findings show that the net fraud rate increased by 14.42% compared to H1 2020, showcasing how fraud continues to be on the rise despite businesses investing in systems and solutions built for prevention. Moreover, identity fraud experienced the highest YOY increase by 19%, a testament to the many fraud incidents that continue to plague businesses and individuals on a global scale.

Out of the various fraud types, recurring fraud experienced a 14% decrease YOY due to bad actors discovering new ways to commit fraud and infiltrate systems instead of continuing to use the routes in which they were previously successful. 

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Keywords: Veriff, identity fraud, report, cryptocurrency, fintech
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime