New York (US), June 20, 2024 (GLOBE NEWSWIRE) -- The US economy is facing a significant surge in online fraud, with nearly 90% of business leaders reporting it costs them up to 9% of their annual revenue. This is a key finding from the Veriff Fraud Industry Pulse Survey 2024, which surveyed hundreds of senior decision-makers and fraud leaders across various sectors in the US.
The survey highlights that almost 87% of respondents experienced an increase in online fraud over the past year, and nearly 90% suffered revenue losses between 1% and 9% a year. For a company with an annual revenue of $100 million, this could mean a loss of up to $9 million.
“AI is a growing threat as it has been weaponized by fraudsters, but it is also an opportunity to fight against fraud,” said Ira Bondar, Senior Fraud Group Manager at Veriff. “About 78% of decision-makers noted an increase in AI-driven fraud, while 79% are using AI and ML to enhance their fraud prevention efforts, from identifying fraud patterns to automating the customer identity verification process for more robust checks.”
According to the survey, US businesses are actively improving their defenses, with nearly 96% planning to increase the use of Identity Verification (IDV) and biometrics in the coming year.
Consumer awareness is also increasing, with over 86% of US fraud decision-makers reporting higher demands for robust fraud prevention measures. Supporting this trend, the Veriff Fraud Index 2024 found that 75% of consumers consider a company’s fraud prevention record before using its services.
For a more detailed analysis, see the full text on the Veriff blog.
About Veriff
Veriff is the preferred identity verification platform partner for the world's most innovative growth-driven organizations, including online marketplaces, companies in financial services, crypto, gaming, mobility, and other sectors. Veriff provides advanced technology that combines AI-powered automation with reinforced learning from human feedback, deep insights, and expertise. Veriff is the partner of choice for organizations that need to rapidly and conveniently verify and safeguard users anywhere in the world. This is achieved by supporting the broadest number of identity documents from over 230 countries and territories. Our proven identity verification platform analyzes over 1,000 data points, including the person, document, device, and network, to enable trust and make the internet safer. To learn more, visit veriff.com.
