Banks and financial institutions are bearing the brunt of identity fraud, with 51% of respondents globally reporting annual losses exceeding US$1 million. The bulk of attacks occur during account setup or payment authorisation, where gaps in identity verification (IDV) are most vulnerable to exploitation.
Identity fraud is rising sharply, with 69% of organisations globally experiencing increased identity fraud attempts over the past two years.
According to The Future of Global Identity Verification study by Docusign and Entrust, businesses lose an average of US$7 million ($9.19 million) annually to identity fraud, factoring in chargebacks, remediation costs, and brand damage.
