Early Insights into Identity Fraud Report at Web Summit

From financial services to e-commerce, identity fraud continues to evolve, taking on unique forms in different industries and regions worldwide. These early insights underscore the necessity of dynamic, layered defenses to keep pace with the emerging fraud landscape.

“Fraudsters leverage new technologies and have refined their tactics to evade detection. They share their insights in their communities, unlike the businesses in the IDV industry, although we fight the common enemy – fraud online. Sharing knowledge and expertise in our fraud report is a step towards raising awareness and building an anti-fraud community,” said Kaarel Kotkas, CEO and founder of Veriff.

Early insights from the report:

• Fraud hotspots. This year, financial services and e-commerce were hit hardest by online fraud, with authorized fraud in e-commerce surging to over 18 times the global average. The ease of unauthorized access and high rewards in these sectors make them prime targets for fraudsters.
• Regional variability. While the global threat of identity fraud remains high, certain regions experience distinct fraud patterns in 2024. This variation highlights the importance of region-specific defenses and the need for businesses to stay vigilant in monitoring local fraud trends.
• Emerging fraud tactics. Impersonation attacks accounted for more than 82% of the fraud attempts Veriff intercepted, while sophisticated adversary-in-the-middle* attacks surged by 46% compared to last year, highlighting an increase in the complexity of fraudsters' tactics.

Based on a comprehensive analysis of fraud patterns across industries, regions, and emerging tech, the report captures an in-depth picture of online fraud and shares the predictions by fraud experts for combating it. Looking ahead to 2025, Veriff’s report offers predictions, including the impact of artificial intelligence advancements on the fraud landscape.

To learn more, join the waitlist to be among the first to receive the Veriff Identity Fraud Report 2025, launching soon.

*a type of cyberattack where cybercriminals intercept, relay or alter the communication between two parties without their knowledge while giving the impression of direct communication.