Identity fraud gets more sophisticated, pointing to organized crime involvement

In the last year, 47 percent of all identity document fraud was classed as 'medium' sophisticated, a 57 percent increase over the previous 12 months. A report from identity verification and authentication company Onfido says this points to organized groups attempting to create 'verified' accounts with fake documents before using them to embark on other types of fraud. Identity theft losses increased 42 percent in 2020, reaching $712 billion, making digital identity verification critical for enterprises. As more transactions have moved online due to the pandemic, fraudsters have followed, in 2020, there was a 41 percent increase in ID fraud,… [Continue Reading]