79 Digital Identity Stats Your Company Needs to Know in 2023

Rhea-AI Summary

Mitek Systems (MITK) has released a report compiling 79 critical identity verification statistics for 2023, aimed at enhancing businesses' understanding of online fraud. According to the 2023 Javelin Strategy & Research Identity Fraud Study, identity fraud costs reached $23 billion in 2022, with a notable decline in traditional identity fraud losses by nearly 15%. The guide details emerging threats and security vulnerabilities, noting that human error is responsible for 84% of serious data breaches and authentication-related breaches average $2.19 million in costs. Mitek emphasizes the importance of trust in combating fraud and provides actionable insights for companies to protect their customers.

Positive

• Identity fraud losses decreased by nearly 15% from 2022, indicating improved security measures in the financial sector.
• Mitek provides valuable resources for businesses to understand and combat identity fraud, potentially enhancing their market position.
• The report highlights actionable steps companies can take to safeguard operations, increasing customer trust.

Negative

• None.

Arming your company and customers with information about how online criminals operate helps deter fraud

SAN DIEGO--(BUSINESS WIRE)-- Years ago, the primary way your identity could be at risk was if you lost your driver’s license or dropped your credit card. Today, however, our personal information sits in untold numbers of databases around the world, and online criminals are using increasingly sophisticated technologies to find and use it.

Identity fraud resulting from scam losses hit $23 billion (about $71 per person in the US) in total annual cost in 2022, according to the just-released 2023 Javelin Strategy & Research Identity Fraud Study. At the same time, “traditional identity fraud losses decreased by nearly 15%” from the 2022 report, a positive trend Javelin credits to “the steady efforts of the financial services industry to keep criminals at bay.”

Mitek Systems, Inc. (MITK) has compiled 79 essential identity verification statistics for 2023, highlighting the latest digital behaviors and emerging threats that endanger today’s digital consumers. The easily digestible resource provides valuable market and threat intelligence to help companies safeguard their customers and operations.

The guide covers everything from the level of threat and areas of greatest risk to actions every company can take to protect themselves and others. Examples:

• It takes less than 1 second to crack most of the passwords on the list of most popular passwords.
• Human error is the leading cause of serious insider data breaches, with 84% of organizations experiencing a security incident caused by a mistake.
• 80% of financial services organizations have experienced a breach that was “likely related to authentication weaknesses.”
• The average cost of an authentication-related breach is $2.19 million.

"Trust is more important than ever in today’s world,” said Mitek Senior Vice President Chris Briggs. “Educating companies and their customers allows us to work together to combat fraud, which encourages trust, both in the physical and digital worlds.”

79 important IDV stats for 2023 is available today via the Mitek Systems website.

ABOUT MITEK

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of U.S. banks for mobile check deposits and 7,500 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com.

Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005285/en/

Media Contact

Angela Romei, Mitek Senior Director

pr@miteksystems.com

Source: Mitek

FAQ

What are the key findings of Mitek's 2023 identity verification statistics?

Mitek's report reveals that identity fraud costs totaled $23 billion in 2022, with traditional identity fraud losses declining by nearly 15%.

How can companies utilize Mitek's identity verification statistics?

Companies can use Mitek's statistics to better understand emerging fraud threats and implement protective measures.

What financial impact does authentication-related fraud have?

The average cost of an authentication-related breach is $2.19 million, highlighting the financial risks associated with fraud.

Who published the 2023 Identity Fraud Study?

The study was published by Javelin Strategy & Research.

What role does human error play in data breaches according to Mitek?

Mitek states that human error is responsible for 84% of serious insider data breaches.