Criminals Ahead of the Authorities on Payment Fraud

Veriff, the AI-driven identity verification company, has issued two payment fraud reports which show that fraud affects almost one in 20 (5%) transactions ¹. The Federal Trade Commission’s (FTC) annual fraud report found fraud has exploded in the last two decades ².

Criminals are particularly active, and successful, online and on mobiles, and governments and financial institutions are finding it hard to keep up.

The main findings are from veriff’s reports were: 

Fraud

• Veriff found 5% of all verification attempts were fraudulent in 2024.
• Authorised fraud, where a user is tricked into performing an identity verification session, is significantly more prevalent for banks, crypto platforms, payments providers, and other fintech platforms, more than double the global average.

E-commerce

• The only industry with more authorised fraud than financial services was e-commerce. It experienced more than 18 times the global average.