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AU10TIX Global Identity Fraud Report released

AU10TIX Global Identity Fraud Report released Report finds 44% organized fraud increase in North America

AU10TIX Global Identity Fraud Report

TEL AVIV, Israel – AU10TIX, a global identity verification and management provider, has released its Q2 2023 Global Identity Fraud Report.

The report draws insights from millions of transactions processed in 249 countries between April and June 2023, and identifies emerging regional and industry-specific patterns of ID fraud. Most notably according to AU10TIX, there has been a 44% increase in organized ID fraud in North America compared to preceding quarters. The company believes this surge is driven by ongoing economic recovery and inflationary pressures, particularly in the US market, which they say is emboldening professional ID fraud syndicates.

The report identifies the Asia-Pacific region as the leading target for fraudsters, with over 4.0% of transactions flagged as an ID fraud attack, and greatly surpasses rates seen in other global regions. AU10TIX attributes this epidemic to Asian anti-fraud defenses, notably weaker than in other markets. Comparably, South American organizations experience attack rates of merely 2.0% largely due to their practice of verifying IDs against government databases.

"By identifying the geographical regions and industry sectors that are experiencing the most acute attack rates, we are alerting businesses in those areas to take additional steps to protect their customers,” said Dan Yerushalmi, CEO of AU10TIX. “This data reveals which markets fraudsters consider the most vulnerable with the most potentially lucrative return. We hope that by sharing our analysis on a regular basis, we can contribute to the global reduction of identity fraud and make the world a better place.”

AU10TIX identified cryptocurrency and trading as the most highly targeted fields, responsible for 47% of attacks in Q2. The industries are believed to attract professional fraudsters due to their perceived high-profit prospects and inherent anonymity. The second most targeted industry is payments with 32%, followed by commerce with 12%. Banking accounted for only 2% of attacks. “This divergence is likely attributable to the assumption that financial institutions invest more significantly in robust protective measures than retailers and payment providers do,” the company wrote.

AU10TIX founder and active chairman Ron Atzmon will discuss the report and additional global identity fraud trends in his Money 20/20 USA presentation, “The Geography of Fraud,” on Sunday, October 22 at 3:25pm local Las Vegas time.

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