Worldwide ID fraud attempts more than doubled since 2014 - report

KUALA LUMPUR, Dec 13 (Bernama) – ID fraud attempts worldwide has more than doubled since 2014, according to Jumio’s Holiday ID Fraud Report.

Defined in the report, attempted fraud is an attempt by an individual to create a new online account by manipulating a government-issued ID.

Jumio said in a statement, the online identity verification stage, involving passports, driver’s licenses or ID cards, also hit a five-year high, increasing 109 per cent in 2018 from 2014. In addition, the ID fraud rates were highest in India (4.30 per cent), China (1.54 per cent) and Italy (1.52 per cent).

While online gambling had the highest rate of attempted ID fraud at 3.45 per cent – a significantly higher rate than the 1.72 per cent global average.

The report also revealed that online ID fraud attempts on government-issued IDs increased 22 per cent worldwide during the 2018 Black Friday to Cyber Monday period compared to the non-holiday average.

Chief Product Officer at Jumio, Philipp Pointner said 2018 witnessed the largest increase in attempted ID fraud in five years and this highlights why organisations need more sophisticated digital identity verification solutions to take extra precaution during the online account opening process, especially during the holidays.

“It is imperative that organisations 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,” he added.

Based in Palo Alto, California, Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. More details at www.jumio.com

-- BERNAMA