In recent years, Cybercrime accelerated drastically and has become a business on its own. The amount of financial damage cyber fraud could cause is considered to be trillions of dollars in 2021.
Due to COVID-19, user behavior has changed, and digitization has taken a tremendous speed – unfortunately, so has cyber fraud. One problem with doing business over the internet is not being able to identify the users and their intention. To deal with this problem, measures have been taken against fraud actions in most countries with strict KYC (Know Your Customer) requirements. Just earlier this year, the European Union’s fifth Anti-Money-Laundering Directive has come into force this year to fight against money laundering and bring more transparency.
Nevertheless, identity fraud attempts have shown a massive increase since the first lockdown earlier this year. In the new IDnow Security Report, you will find a detailed information of the most common types of identity fraud, which countries are the main targets of fraud attacks, and how companies can mitigate cyber fraud.
Read IDnow’s recently published Security Report to learn more.