The world is a very different place to what it was last year, never mind 10 years ago. The adoption and use of digital technology has been accelerated due to advances in AI and alternative data.
This acceleration in growth has had a massive impact on the way we live our daily lives, but it’s also had an impact on how exposed our identities can be to fraudsters.
According to Barclays Bank, there was a 66% increase in reported scams in the first six months of 2020 compared with the last six months of 2019. Fraud volumes also rose 61% between May and July this year.
There are a number of reasons fraud has risen, the global pandemic for one but mainly:
- A greater number of mobile transactions.
- More sophisticated synthetic IDs.
- More goods and services are sold online.
- More cross-border transactions.
- More automated botnets.
These scenarios are more susceptible to online fraud and in the current economic climate, it’s never been more important to make sure your anti-fraud measures are up to scratch. More than 2 in 5 consumers worldwide have experienced a fraudulent event online, and according to PwC’s bi-annual Global Economic Crime and Fraud Survey, 47% of companies have experienced fraud in the last two years.
Here are a number of ways fraud affects your everyday life:
At Hello Soda, we’re proud to have provided anti-fraud solutions for a number of global, high-profile clients in over 91% of the world. We’ve worked with innovative businesses that are challenging the norm and finding new ways to protect and provide value for their customers and we’re demonstrating our organisation’s continued commitment to preventing and detecting fraud as an Official Supporter of International Fraud Awareness Week.
International Fraud Awareness Week, or Fraud Week, takes place from 15th-21st November 2020 in an effort to proactively fight fraud and help safeguard businesses and the economy from this growing problem. It was established by the Association of Certified Fraud Examiners (ACFE) in 2000 as a dedicated time to raise awareness about fraud.
We’ll be sharing a number of helpful videos and resources throughout next week to raise awareness of the campaign and its continued plight against fraud worldwide.
How we can help
Prevent the risk of fraud for your customers with our suite of global identity verification solutions. We offer global verification that takes seconds and all of our solutions are available via our single API, Sodium.
Utilise a single element or multiple processes – it’s entirely up to you. Learn more about how we can help to automate and simplify your verification processes to help you to learn more about your customers.
Book a demo today and see for yourself how powerful our suite of solutions are.