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Jumio s 2020 Holiday Fraud Report also found that the catch rate for selfie fraud was almost five times greater than for ID fraud, highlighting the growing importance of capturing a selfie during onboarding to deter new account fraud
New data from Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, reveals that new account fraud based on ID verification increased 28% in the UK YOY for 2020, while the global average fell 23% compared to 2019 levels. At the same time, selfie-based fraud rates were nearly five times higher than ID-based fraud. This illustrates the growing number of stolen ID documents available on the dark web for purchase and, more importantly, the growing need to determine if an ID is authentic and belongs to the user.
New account fraud is down partly thanks to selfies
New account fraud based on ID verification declined by 23.2 percent worldwide, year-on-year in 2020 according to a new report from AI-powered identity verification specialist Jumio.
Although selfie-based fraud rates were five times higher than ID-based fraud, this shows the growing number of stolen ID documents available on the dark web and, more importantly, the growing need to determine if an ID is authentic and belongs to the user.
By virtue of requiring an ID and a selfie as part of the identity proofing process, Jumio has seen 80 percent less fraud compared to customers who only required a government-issued ID.