Veriff, a global identity verification provider, published its Fraud Industry Pulse Survey, revealing that almost 90% of U.S. business leaders reported that online fraud is costing them up to 9% of their annual revenue.
The new data underscores the significance of fraud and its financial impact on hundreds of senior decision-makers and fraud leaders.
Likewise, whilst AI poses a threat and a opportunity in the digital age, fraudsters are weaponing a promising new technology. The complete findings are here.
- Fraud is a growing problem for US decision-makers. Almost 87% of respondents reported an increase in online fraud in the year to April 2024. Just 1.19% of respondents said they experience zero fraudulent IDV attempts in a month.
- Customers see the danger, and demand action. More than 86% of decision-makers say their customers are now more demanding of robust fraud prevention capabilities. This also reflects the findings in Veriff’s 2024 Fraud Index: more than 75% of consumers consider a company’s record on fraud prevention before signing up for a service.
- AI is a threat and an opportunity. Nearly 78% of U.S. decision-makers have seen an increase in the use of AI in fraudulent attacks over the past year. On the flip side, nearly 79% of CEOs are using AI and ML in fraud prevention.
The results suggest that for two-thirds of decision-makers in the US, their firms could be doing more to protect themselves and their customers from online fraud. Only a third (32.21%) say they are prepared and face no risk of attacks.
