Fraud jumped by 250% in the second quarter

From: RegTech Analyst

Fraud attempts jumped by 250% between March and June, according to a new report from identity verification company IDnow.

“In the past few months, our security system has seen a sharp increase in fraud attempts and numerous new methods against which we protect our customers,” said Armin Bauer, co-founder and managing director of technology at IDnow.

The increase was notably aligned with how more countries went into lockdown.

Cases of similarity fraud increased by 231% during this period. In the same time, fake-ID fraud rose by 180% and social engineering attacks by 75%.

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