Businesses are combating the rising issue of online fraud to protect against financial losses.

43 views 6:01 am 0 Comments June 19, 2024

The findings from a recent study show that only 1.19 percent of respondents reported experiencing zero fraudulent identity and verification (IDV) attempts in a month. Additionally, almost 78 percent of US decision-makers have observed a rise in the use of AI in fraudulent attacks over the past year. On the other hand, close to 79 percent of CEOs are utilizing AI and ML in their efforts to prevent fraud.

While companies are fighting back, there is still potential for more to be done in the realm of fraud prevention. The results indicate that approximately two-thirds of decision-makers in the US believe that their companies could be taking further steps to protect themselves from online fraud. In terms of specific measures, around 28.43 percent of respondents utilize both biometrics and IDV, 19.48 percent rely on biometrics alone, and 49.7 percent use IDV alone.

Notably, nearly 96 percent of respondents plan to increase their reliance on IDV, biometrics, or both within the next 12 months. Ira Bondar, the senior fraud group manager at Veriff, emphasized the need for a comprehensive approach to fraud prevention, stating, “Any fraud prevention strategy needs to be holistic.”

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