A Veriff report reveals that 1 in 20 online identity verification attempts in financial services is fraudulent, with online identity fraud rising 21% year-over-year. The report indicates that 82% of consumers will not use a financial platform without confidence in its fraud protection. Biometrics, particularly facial recognition, are favored by 38% of consumers for securing interactions. Additionally, 60% of financial firms report an uptick in AI-driven attacks. One-third of U.S. consumers experienced financial loss from fraud, with 89% of fraud decision-makers expecting increasing fraud incidents in 2025.
A report from Veriff indicates that 1 in 20 online identity verification attempts are fraudulent in the financial services sector, with a year-over-year increase of 21%.
82% of consumers will not sign up for a financial platform without confidence in its fraud protection capabilities, highlighting growing concerns over online security.
Among financial service respondents in the U.S., 64% are using AI for fraud prevention, and 20% plan to implement it within the next year.
The report notes that one-third of U.S. consumers have faced non-refundable financial losses due to fraud, with 89% of decision-makers expecting increased fraud in 2025.
#fraud-prevention #online-security #identity-verification #financial-services #ai-in-financial-sector
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