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Global new account fraud rose 27.8 pct this year

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KUALA LUMPUR, Dec 13 2019 : Global new account fraud has increased 27.8 per cent this year, compared to full-year 2018 results, according to new data from Jumio.

Surprisingly, attempted new account fraud was 19 per cent less during the Black Friday/Cyber Monday weekend (compared to the average 2019 fraud levels), when fraud attempts normally escalate.

In the third edition of Jumio’s Holiday New Account Fraud Report, fraud is defined as an attempt by an individual to create a new online account by manipulating a government-issued ID.

Jumio, the leading AI-powered trusted identity as a service provider also analysed new account fraud levels across regions, countries, industries and time period.

The Asia-Pacific region experienced the highest rates of full-year fraud at 3.27 per cent while the United States had the lowest rates of fraud at 0.88 per cent – a trend which has been pretty consistent over the last six years.

In addition, the fraud levels in emerging markets, while varied, were significantly higher than developed markets.

The cryptocurrency and online gaming/gambling industries experienced higher-than-average fraud levels while the sharing economy and travel and entertainment industries experienced minimal fraud levels (less than 0.6 per cent).

Often, the first step in identity theft starts by creating a new account online. Identity theft is the deliberate use of someone else’s identity (name, address, Social Security number, bank accounts) to get money and credit and make holiday purchases.

But, identity theft is also being used to perpetrate online fraud, steal property, falsify educational and other credentials, access healthcare and launder money. – Bernama

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Syndicated News

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.