Security News > 2020 > December > Worldwide new account fraud declined 23.2% in 2020

New account fraud based on ID verification declined 23.2% worldwide YOY in 2020, compared to 2019 results, according to Jumio.

Selfie fraud rates higher than fraud based on government-issued ID. The report examines fraudulent attempts to open a new account using a manipulated government-issued ID and a corroborating selfie.

Selfie fraud rates were significantly higher than fraud based on just a government-issued ID. The fraud associated with the selfie averaged 7.15% globally in 2020, compared to 1.41% for ID-only verifications.

"This year's Holiday Fraud Report unearths a number of interesting global fraud trends that enterprises adopting biometric-based identity verification should carefully consider as they architect the new account journey," said Philipp Pointner, Jumio's chief product officer.

These findings are especially timely as more and more organizations are migrating from legacy methods of identity verification, which are not equipped to detect sophisticated methods of new account fraud.

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