Jumio’s Holiday ID Fraud Report indicates that ID fraud attempts worldwide more than doubled since 2014PALO ALTO, Calif., Dec. 12, 2018 (GLOBE NEWSWIRE) -- New data from Jumio, the leading AI-powered trusted identity as a service provider, reveals ...
Jumio’s Holiday ID Fraud Report indicates that ID fraud attempts worldwide more than doubled since 2014
PALO ALTO, Calif., Dec. 12, 2018 (GLOBE NEWSWIRE) -- New data from Jumio, the leading AI-powered trusted identity as a service provider, reveals that online ID fraud attempts on government-issued IDs increased 22 percent worldwide during the 2018 Black Friday to Cyber Monday period compared to the non-holiday average. Surprisingly, attempted ID fraud perpetrated during the online identity verification stage, involving passports, driver’s licenses or ID cards, hit a five-year high, increasing 109 percent in 2018 from 2014.
In the second edition of Jumio’s Holiday ID Fraud Report, attempted fraud is defined as an attempt by an individual to create a new online account by manipulating a government-issued ID. The company compared ID fraud patterns from millions of ID verification transactions between 2014 and 2018 across various industries, focusing on the period between Black Friday and Cyber Monday, including the day before and the day after this timeframe. Jumio also compared the rate of fraud during this holiday period to the average for the rest of the year to develop its findings.
“2018 witnessed the largest increase in attempted ID fraud in five years and this highlights why organizations need to use more sophisticated digital identity verification solutions to take extra precaution during the online account opening process, especially during the holidays,” said Philipp Pointner, Chief Product Officer at Jumio. “In today’s digital economy, it is imperative that organizations verify that a person’s digital identity matches their physical identity when creating online accounts to mitigate fraud risk, account takeovers and protect their customers and ecosystems.”
Jumio is the global leader in online identity verification, processing nearly 300,000 verifications per day and more than 150 million identities issued by over 200 countries and territories from real-time web and mobile transactions to-date. The Holiday ID Fraud Report draws on this experience to determine if the spike in seasonal fraud, normally associated with retail and e-commerce, is also evident in non-retail sectors.
- Cryptocurrency saw an attempted ID fraud rate increase of 40.3 percent, online services a 28.7 percent increase and a 9.69 percent increase for financial services in 2018.
- In 2018, ID fraud rates were highest in India (4.30 percent), China (1.54 percent) and Italy (1.52 percent).
- In 2018, fraud using IDs from the UK was 8.36 percent higher than from U.S. IDs.
- In 2018, online gambling had the highest rate of attempted ID fraud at 3.45 percent, a significantly higher rate than the 1.72 percent global average. Moreover, seasonal fraud in online gambling has tripled since 2014.
For more information on Jumio’s 2018 Black Friday/Cyber Monday Fraud Data research, please contact email@example.com.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology including augmented AI, biometric facial recognition, machine learning and human review, Jumio helps organizations to meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers. Jumio has verified more than 150 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, cryptocurrency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the U.S., Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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Source(s) : Jumio Corp.
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