Jumio report shows online ID fraud attempts up 22 percent over Black Friday holiday period
During the 2018 Black Friday to Cyber Monday period online ID fraud attempts using government-issued IDs increased by 22 percent over the non-holiday average, according to the second edition of Jumio’s Holiday ID Fraud Report.
Attempts at ID fraud during the online verification stage using passports, drivers’ licenses, or ID cards reached a five-year high, and has increased by 109 percent from 2014 to 2018, the report says. The rate of attempted ID fraud increased in 2018 by 40.3 percent for cryptocurrency accounts, 28.7 percent for online services, and 9.69 percent for financial services. The service with the highest rate of attempted fraud is was online gambling, at 3.45 percent, roughly double the global average. Seasonal online gambling fraud has tripled since 2014, according to the research.
“2018 witnessed the largest increase in attempted ID fraud in five years and this highlights why organizations need to use more sophisticated digital identity verification solutions to take extra precaution during the online account opening process, especially during the holidays,” says Jumio Chief Product Officer Philipp Pointner. “In today’s digital economy, it is imperative that organizations verify that a person’s digital identity matches their physical identity when creating online accounts to mitigate fraud risk, account takeovers and protect their customers and ecosystems.”
India had the highest rate of ID fraud of any country, at 4.3 percent, followed by China and Italy, at roughly 1.5 percent each.
Jumio was recently selected to the RegTech100 for the second year in a row, following a busy quarter which also included adding 3D face liveness detection from FaceTec to its identity verification suite.