Fifth Annual Fraud Report: A New Fraud Landscape Emerges
A new era of fraud is upon us, one where major shifts in the fraud landscape have had far-reaching effects across multiple industries. The continuing challenge for businesses is to strike a balance between fighting fraud and improving customer experience.
Now in its fifth year, IDology’s annual Fraud Report measures fraud trends across a variety of industries in order to better understand the identity and fraud landscape, detect emerging trends, and offer insight for businesses.
Major Findings From the Report:
Two thirds of respondents reported that fraud attempts at their organizations have increased—a 58% increase over last year.
First-party fraud had the most growth, increasing 96% in prevalence over last year.
Companies felt they are least prepared to handle first-party fraud and synthetic identity fraud. For synthetic identity fraud, 58% of organizations said they were “extremely worried” or “very worried” about it.
Over half (54%) of organizations said they experienced increased mobile fraud, with device cloning being the most prevalent fraud tactic. As a result, more companies are investing in their mobile environment.
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