Fraudulent transactions increase over 70 percent
Fraudulent transactions in the first half of 2024 were up over 73 percent year on year, and suspected fraudulent transactions increased by over 84 percent, according to the 2024 Mid-Year Identity Fraud Review, released today by AuthenticID.
The report also looks at the latest trends including a surge in AI-enabled fraud, as well as the increased use of deepfakes for identity fraud tactics like account takeover attacks and injection attacks.
It finds that 40 percent of survey respondents have already had their personal data exposed as part of a breach in 2024 and that 91 percent of people could not select a real person from a line of deepfake headshots.
In addition 68 percent of respondents say that the threat of identity fraud impacts how they make purchases, open accounts, and do business. 54 percent of consumers say they have lost confidence in social media to safeguard their data over the last year. 49 percent have lost confidence in government and 39 percent in retail.
"What we've seen thus far in 2024 is that identity crime will continue to hit record highs, targeting both businesses and consumers," says Blair Cohen, AuthenticID’s founder and president. "With the proliferation of new, generative AI-powered tools for fraudsters, businesses and consumers alike face a significant challenge in the form of breaches and business attacks. But those same generative AI-powered tools can also stop fraud. It's up to businesses to stay ahead of fraud as it continues to evolve -- fast."
Financial services is, as ever, a popular target, 63 percent of firms in the sector reporting an overall fraud increase of at least six percent within 12 months, with digital channels accounting for half of the overall fraud losses.
The full report Is available from the AuthenticID site.
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