ID verification firm AU10TIX has released its latest report highlighting a surge in the threat of fraud for North America businesses.
Titled Q2 Global Identity Fraud Report, the paper draws attention to the US from a pool of data surveying a total 249 countries between April and June 2023.
Identifying emerging regional and industry-specific patterns of ID fraud, North America rises up to be a significant market for the fraud economy having seen a 44% increase in organised ID fraud compared to previous quarters.
According to AU10TIX, the bump in numbers is driven by the ongoing economic recovery and inflationary pressures, specifically in the US.
The main target for fraudsters globally, however, is the Asia-Pacific region, which has flagged down more than 4% of its transactions as ID fraud attacks, a figure that AU10TIX stated far surpasses rates seen anywhere else in the world.
Comparing the Asia-Pacific against other regions will generally show anti-fraud defences that have been historically weaker than others, AU10TIX added, giving South America as an example where attack rates are two times lower at around 2% due to the practice of verifying IDs against government databases.
Dan Yerushalmi, CEO of AU10TIX, commented: “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.
“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.”
The study further highlights that the most lucrative sectors for bad actors continue to be cryptocurrencies and trading, which combined have been responsible for 47% of attacks in Q2. Payments take the second place with 32%, followed by commerce with 12%. Banks remain the safest space accounting for only 2% of attacks.
Payment Expert recently spoke to Ofer Friedman, Chief Business Development Officer at AU10TIX, who outlined the pressuring need for cooperation between sectors if they want to build a better security for themselves.
AU10TIX will be represented by its founder and Chairman Ron Atzmon at the Money 20/20 USA conference, where he will address the report and other global ID fraud trends.