Organized identity fraud is on the rise in North America, as reported by AU10TIX, an identity verification and management company. Their ‘Q2 2023 Global Identity Fraud Report’ is based on millions of transactions processed in 249 countries from April to June 2023, revealing regional and industry-specific patterns of identity fraud.
Notably, North America has witnessed a 44% increase in organized identity fraud compared to previous quarters. This surge is attributed to the ongoing economic recovery and inflationary pressures, especially in the US market, which embolden professional identity fraud syndicates.
In contrast, the Asia-Pacific region is the prime target for fraudsters, with over 4% of transactions flagged as identity fraud attacks. AU10TIX attributes this to historically weaker anti-fraud defenses in Asian markets, making them vulnerable to bad actors. South American organizations, on the other hand, experience lower attack rates of just 2%, mainly due to verifying IDs against government databases.
Among the sectors analyzed, cryptocurrency and trading are the most targeted, accounting for 47% of attacks in Q2. These industries attract fraudsters due to perceived high-profit potential and anonymity. Payments follow with 32%, and commerce with 12% of attacks.
Banking accounts for only 2% of attacks, likely because financial institutions invest more significantly in robust protective measures compared to retailers and payment providers.
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