The iProov Threat Intelligence Report 2024 describes how technologies have accelerated the digital arms race between threat actors and those who stop them.
Organized crime groups are exploiting gaps in detection technology to orchestrate financial fraud on a massive level simultaneously across multiple businesses and geographies. The result? Actual fraud rates are multiple times higher than reported
While statistics vary year by year, there was a 79 percent increase in document fraud in 2022. Such a number doesn't come as a surprise to Inscribe fraud analyst Daragh McMeel. A rise in fraud rates often occurs when the economy travels an uncertain and difficult path.
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The importance of liveness detection was one positive development arising from the COVID-19 pandemic. It’s an essential feature of a biometric-based security strategy, iProov chief product and innovation officer Joe Palmer said.
Fraud is a significant challenge for lenders, impacting both operational efficiency and financial stability. Legacy methods for detecting fraud are proving to be inadequate in the face of new techniques, so AI-powered detection is needed.