North American Organized ID Fraud Surges by 44%

Published 7 months ago

The AU10TIX Q2 2023 Global Identity Fraud Report has revealed a 44% surge in organized ID fraud in North America. The report, which analyzed millions of transactions across 249 countries, attributes this increase to ongoing economic recovery and inflationary pressures. These factors are particularly prevalent in the US market and provide an impetus to professional ID fraud syndicates.

Asia-Pacific: A Prime Target for Fraudsters

The report also identified the Asia-Pacific region as a major target for fraudsters. Over 4.0% of transactions in this region were flagged as potential ID fraud attacks. This figure significantly surpasses rates across other global regions. AU10TIX suggests that the propensity for fraud in Asia can be traced back to its historically weaker anti-fraud defenses, making it a ‘soft target’ for fraudsters. In contrast, South America, with its practice of verifying IDs against government databases, saw a significantly lower attack rate of 2.0%.

Vulnerable Industries

AU10TIX’s report further highlights the industries most at risk of ID fraud. The cryptocurrency and trading sectors emerged as the most targeted, accounting for 47% of attacks in Q2. These sectors are attractive to fraudsters due to high-profit prospects and inherent anonymity. The payments industry was the second most targeted, with 32% of attacks, followed by commerce at 12%. The banking sector, presumably due to more robust protective measures, accounted for only 2% of attacks.

AU10TIX: A Global Leader in Identity Verification

AU10TIX, a global technology leader in identity verification and management, is committed to reducing identity fraud worldwide. The company’s technology delivers results in less than 8 seconds, allowing businesses to onboard customers faster while preventing fraud, meeting compliance mandates, and promoting trust and safety. The company’s founder and active chairman, Ron Atzmon, will soon share further insights into global identity fraud trends at Money 20/20 USA in his presentation, “The Geography of Fraud.”

The Fight Against Fraud

The rise in ID fraud is alarming, but the insights provided by AU10TIX’s report can guide businesses in strengthening their defenses. By understanding which markets and sectors are most vulnerable, companies can implement more effective protective measures and contribute to the global reduction of identity fraud.

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