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Veriff Report: One in 20 Online Identity Verification Attempts in Financial Services is Fraudulent
- Online identity verification fraud in financial services is on the rise, with a 21% increase year-over-year.
- One in 20 verification attempts in financial services is now fraudulent.
- Over the last year, more than one-third of U.S. consumers have suffered non-refundable financial losses due to fraud.
- Veriff's annual report, titled 'The Future of Finance,' combines in-house data with industry perspectives to highlight key insights and future directions.
- Deepfake incidents, including fraud, are skyrocketing, making it challenging to distinguish between real and fake content.
- 82% of consumers demand strong fraud defenses before signing up on financial platforms, with biometrics, especially facial recognition, being the preferred choice for 38% of consumers.
- Over 60% of firms have reported increased use of AI in attacks, with 64% of U.S. respondents already using AI in fraud prevention.
- 89% of senior fraud decision-makers in financial services anticipate a rise in fraud in 2025, primarily driven by AI.
- Identity verification, biometrics, and AI are crucial for financial institutions to enhance security and compliance while ensuring customer satisfaction.
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