Overall fraud incidents are up 20 percent, according to findings from the Identity Fraud Report 2024 from ID verification platform provider Veriff. Financial institutions saw even higher rates of fraud increases, with 70 percent of institutions reporting an increased fraud rate in the past 12 months.
Veriff’s findings show the overwhelming majority – 93 percent – of financial services fraud was identity fraud. One in 15 verification attempts were fraudulent. Moreover, 98 percent of financial institutions see generative AI as a viable solution to combat fraud, and 70 percent are in the process of learning more about AI.
