AU10TIX Global Identity Fraud Report Pinpoints Economic Recovery and Inflation as Drivers of 44% Surge in North American Organized ID Fraud

Rhea-AI Summary

AU10TIX releases Q2 2023 Global Identity Fraud Report, highlighting a 44% increase in organized ID fraud in North America. Asia-Pacific region is the leading target for fraudsters with over 4.0% of transactions flagged as ID fraud attacks. Cryptocurrency and trading are the most highly targeted sectors, responsible for 47% of attacks.

Positive

• 44% increase in organized ID fraud in North America
• Asia-Pacific region is the leading target for fraudsters with over 4.0% of transactions flagged as ID fraud attacks
• Cryptocurrency and trading responsible for 47% of attacks

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• None.

Debut Report Spotlights Hidden Geographical and Industry Trends Drawn from Millions of Transactions Across 249 Countries

TEL AVIV, Israel, Oct. 17, 2023 /PRNewswire/ -- AU10TIX, a global technology leader in identity verification and management, today released its Q2 2023 Global Identity Fraud Report. Drawing insights from millions of transactions processed in 249 countries from April to June 2023, the report identifies emerging regional and industry-specific patterns of ID fraud. Most notably, there has been a 44% increase in organized ID fraud in North America compared to preceding quarters. This upsurge is believed to be driven by the ongoing economic recovery and inflationary pressures, particularly in the US market, which are emboldening professional ID fraud syndicates.

Amid this escalation, the Asia-Pacific region emerges as the leading target for fraudsters, with over 4.0% of transactions flagged as an ID fraud attack. This alarmingly high figure greatly surpasses rates seen in other global regions. AU10TIX attributes this epidemic to Asian anti-fraud defenses, which are historically weaker than in other markets. This renders them 'soft targets' that attract bad actors. In contrast, South American organizations experience attack rates of merely 2.0% largely due to their practice of verifying IDs against government databases, creating a more formidable barrier against fraud.

"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."

Among the sectors scrutinized, cryptocurrency and trading are the most highly targeted, responsible for 47% of attacks in Q2. These industries 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 accounts 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.

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.

About AU10TIX
AU10TIX, a global identity intelligence leader headquartered in Israel, is on a mission to obliterate fraud and further a more secure and inclusive world. The company provides critical, modular solutions to verify and link physical and digital identities so businesses and their customers can confidently connect. Over the past decade, AU10TIX has become the preferred partner of major global brands for customer onboarding and customer verification automation – and continues to work on the edge of what's next for identity's role in society. AU10TIX's proprietary technology provides results in less than 8 seconds, enabling businesses to onboard customers faster while preventing fraud, meeting compliance mandates and, importantly, promoting trust and safety. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). For more information, visit AU10TIX.com. 

Media Contact:
Mark Prindle
Fusion PR
au10tix@fusionpr.com

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SOURCE AU10TIX LIMITED

FAQ

What is the main finding of the Q2 2023 Global Identity Fraud Report?

The main finding is a 44% increase in organized ID fraud in North America.

Which region is the leading target for fraudsters?

The Asia-Pacific region is the leading target for fraudsters with over 4.0% of transactions flagged as ID fraud attacks.

Which sectors are the most highly targeted?

Cryptocurrency and trading are the most highly targeted sectors, responsible for 47% of attacks.