Fraud and identity theft lurk at every corner, waiting for every company that deals with identity verifications. Ondato has prepared a fraud report covering the data gathered in 2022. With millions of verification attempts, we can get a closer look at how fraudsters think and how companies can protect themselves.
What Our Identity Fraud Report Looks Into
The only way to protect yourself from fraudsters is to know what to look out for. Here’s what you will find in our report:
- The type of fraud that’s most prevalent and how fraudsters try to trick you;
- Who commits fraud, where they live, what nationality they are;
- When fraud happens, how world events affect fraud;
- What devices are used for fraud most often;
- Which documents fraudsters try to use.
The Full Identity Fraud Report
The latest identity fraud insights, trends and fraud prevention tips are available to download below.
What are the Risks of Identity Fraud?
Fraudulent activity has several serious consequences for businesses.
AML compliance can be costly, but AML fines are worse. If companies don’t act quickly at the first sign of unusual activity or accept fraudulent information and let identity fraud slip through, they will end up paying more than they would for a solution against fraud.
Loss of Client Trust
If fraudsters can access your business, you run into several issues that could cause clients to lose trust in you. Imagine a financial institution that gives fraudsters access to another person’s bank account or bank statements. A victim of identity fraud will never trust the business again.
Fraudsters stealing directly. It’s easy to talk about the roundabout ways fraudsters can steal from companies, but there are also very direct ones. Take car rental services, for example, where using someone else’s driving licence could allow scammers to steal the rental car and never face the consequences.
This is a very serious issue. It deals with fraudsters stealing and using the personal details of other people for their own financial gain, which has a direct impact on many companies. Anyone can become a victim of identity theft, and with that, any company can fall for fraudsters using those identities to get inside. For example, fraudsters could open bank accounts with stolen information and obtain loans that are illegal. This puts both the original victim and the bank at risk.