Security News > 2024 > February > How AI is revolutionizing identity fraud

Nearly half of businesses reported a growth in synthetic identity fraud, while biometric spoofs and counterfeit ID fraud attempts also increased, according to AuthenticID. Consumers and businesses alike are facing new challenges in today's digital existence, from considering the ramifications of digital identity to grappling with the use and prevalence of new tools like generative AI. In the meantime, the explosion of AI has also pushed identity fraud into a new frontier that will become a potential global shift in the coming year.

68% of people said the threat of identity fraud and scams impacts how they make purchases, open accounts, and do business.

"These attacks and identity fraud crimes can lead to high economic losses and a loss of customer trust. Businesses need to do more than just stay vigilant; they must stay ahead of bad actors who now employ incredibly sophisticated technology with relative ease."

"Protecting identity isn't just good business, it's crucial for individual identity security," said Chris Borkenhagen, Chief Digital Officer/Information Security Officer at AuthenticID. "Bad actors continuously shift strategies to find and exploit any new opportunities, maximizing the data and money they can pull from their victims. Awareness of these trends and staying agile enough to minimize the damage is crucial for a business' identity proofing strategy."

With AI-powered fraud escalating, some think tanks are predicting that police will make the first arrest of an individual for using AI to impersonate someone in 2024.

For crime syndicates both in the US and worldwide, identity fraud is a big business and often funds a variety of other nefarious activities, including human trafficking.

News URL

https://www.helpnetsecurity.com/2024/02/09/identity-fraud-growth/