A report by AU10TIX has discovered there has been a 44% jump in organized identity (ID) fraud across North America.
According to FinTech Finance, the company’s Q2 2023 Global Identity Fraud Report, which assessed millions of transactions across 249 countries between April and June 2023, highlights not only a significant uptick in fraud attempts but also varying regional susceptibilities and industry-specific targets.
Beyond North America’s unsettling surge, the Asia-Pacific region stands out as the prime hotspot for fraudulent manoeuvres, with an unnerving 4.0% of transactions being marked as potential ID fraud. This percentage starkly overshadows those observed in other parts of the globe.
The report suggests that comparatively lax anti-fraud systems in Asian markets might be providing a fertile playground for offenders, turning these regions into ‘soft targets’. Conversely, South American firms report a significantly lower attack rate of 2.0%, a testament to their stringent ID verification protocols synced with government databases.
AU10TIX CEO Dan Yerushalmi commented, “By identifying the geographical regions and industry sectors that are experiencing the most acute attack rates, we are alerting businesses in those areas to take additional steps to protect their customers. This data reveals which markets fraudsters consider the most vulnerable with the most potentially lucrative return. We hope that by sharing our analysis on a regular basis, we can contribute to the global reduction of identity fraud and make the world a better place.”
The scrutiny further unravels that the cryptocurrency and trading sectors are the most besieged, bearing 47% of the total fraud attempts in the second quarter. The allure of high monetary gains and the sectors’ innate anonymity seem to be irresistible for fraud syndicates. Following close behind, the payments industry suffers 32% of the onslaught, while commerce endures 12%. Traditional banking seems least affected, possibly due to heavier investments in comprehensive security systems, facing a mere 2% of fraudulent attacks.
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