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Fraud Rings Continue to Rise as Cybercriminals Adopt 24/7 Global Attack Model, Reveals Onfido's 2023 Fraud ReportOnfido, the global automated identity verification provider, today publishes its 2023 Identity Fraud Report revealing that 'less sophisticated' fraud - in which doctored identity documents are readily spotted - has jumped 37% in 2022. The report finds that fraudsters can scale these attacks on an organization's systems en masse, around the clock. It is estimated that the current global financial cost of fraud is $5.38 trillion (£4.37 trillion), which is 6.4% of the world's GDP. With most fraud now happening online (80% of reported fraud is cyber-enabled), Onfido's Identity Fraud Report uncovers patterns of fraudster behavior, attack techniques, and emerging tactics. Hyperconnectivity extends fraudsters' 'business hours' Over the last four years, fraudsters' working patterns have dramatically changed. In 2019, attacks mirrored a typical working week, peaking Monday to Friday and dropping off during the weekends. Yet over the last three years, fraudulent activity started to shift so that levels of fraud span every day of the week. In 2022, fraud levels were consistent across 24 hours, seven days a week. With technology, fraudsters are more connected across the globe and are able to traverse regions and time zones, and can easily take advantage of businesses' closed hours when staff are likely offline. This hyperconnectivity means there are no more 'business hours' for fraudsters and sophisticated fraud rings - they will scam and defraud 24/7. "As criminals look to take advantage of digitization processes, they're able to commit financial crimes with increasing efficiency and sophistication, to the extent that financial crime and cybercrime are now invariably linked," said Malik Alibegovic, Forensic Analyst at Interpol, in the foreword of Onfido's report. "A significant amount of financial fraud takes place through digital technologies, and the pandemic has only hastened the emergence of digital money laundering tools and other cyber-enabled financial crimes." The fourth edition of Onfido's annual Identity Fraud Report also revealed:
Onfido launches new fraud solutions to mitigate repeat fraud attacks Onfido Real Identity Platform adds new automated fraud detection solutions designed to mitigate large scale fraud attacks, offering customers a multi-layered approach to combating fraud with zero additional friction.
Register for the 2023 Fraud Report webinar with Interpol and Onfido in your local time zone:
US: https://go.onfido.com/interpol-and-onfido-us
Request a demo of Onfido's award-winning identity verification technology. Methodology Onfido processes millions of identity verification requests every year, helping over 800 clients detect fraud across 2,500 document types from 195 countries. The 2023 Identity Fraud Report shares insights gained on the state of remote identity fraud over the past year, based on analysis of data collected from October 1, 2021 to October 1, 2022 and normalized by client and industry distribution. About Onfido Onfido makes digital identity simple. The company makes it easy for people to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to individual user and market needs in a no-code, orchestration layer - combining the right mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction and regulatory requirements. Onfido Atlas™ AI powers the platform's fully-automated, end-to-end identity verification. Developed in-house for over 10 years, it's how Onfido ensures its analysis is fair, fast and accurate. Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 (Microsoft) and others. They partner with over 900 businesses globally to help millions of people access services every week - from billion dollar institutions to hypergrowth start-ups.
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