A steadily increasing rate of identity fraud poses a real threat to employers and corporations. In the current world affected by a pandemic, businesses are preferring to let their employees work from home to follow social distancing mandates, the trend of identity fraud will only continue to accelerate.

The market for identity fraudsters fishing for and selling data is rife with opportunity as the world becomes more and more dependent on online channels for all forms of transactions. This is why businesses must prepare for keeping themselves safe against these fraudulent activities. The solution is a visual ID Verification solution such as EyeDnow.

WHAT IS IDENTITY FRAUD?

Identity fraud occurs when an unauthorized person uses another person’s personal information for criminal purposes, fraud or financial gain. Most identity fraud is committed for financial benefit, such as accessing bank accounts, credit information or social security. Identity fraud can also involve creating a new identity of people that do not exist from existing information of users.

What you should look out for in 2021?

 1. NEW INNOVATIONS:

With new methods being found to address identity fraud, the fraudsters will begin to devise newer and more intricate ways to commit fraud. High impact attacks with increased levels of sophistication may become prevalent and undetectable, businesses must find a way to prevent it. One of the solutions is visual ID verification software to enhance the credibility and authenticity of the prospects.

 2. 2D DIGITAL ENVIRONMENTS:

It becomes difficult to verify identities in an online landscape because of the non-existence of tangible verification sources. With everything being increasingly online, digital fraud is expected to grow significantly. EyeDnow is a very effective visual ID Verification Software that can help businesses keep a record of identities easily and cross-check whenever required.

 3. BIOMETRIC IDENTITY FRAUD:

Biometric systems are becoming more sophisticated, but users may face challenges such as deepfakes and replay attacks. It is extremely difficult to identify deepfakes through biometric technology as they have become more detailed and replay attacks that involve hacking APIs or malware infections may also grow.

 4. SYNTHETIC IDENTITY FRAUD:

Synthetic identities are fake identities that combine non-existent identities with real identification data. Due to recent US census hacks, more personal information has found its way online, so credit and database checking is no longer as reliable. This is where businesses can turn to online verification which can be successfully implemented using visual ID verification software such as EyeDnow.

 5. MAJOR TARGETS IN THE FINANCIAL INDUSTRY:

The financial services industry is the most affected target for fraudsters and suspicious behavior is continually becoming harder to catch… even legitimate users have seen a significant transformation in their spending patterns over the course of the pandemic. However, the replacement of passwords with realtime face recognition can help prevent a lot of fraudulent activity.

 6. CASH INCENTIVES:

Enticing offers and promotions may seem like a good idea, but you’ll need to check whether your identity is being used to open accounts under multiple channels from your personal data. If there are multiple accounts with the same basic documents, but multiple emails, it’s probably is a sign of identity fraud.

 7. COERCION ATTACKS:

Coercion attacks are extremely manipulative and hard to detect. Businesses can identify real attacks from verifiable data, but not the intention in the attacks without any technical aspects involved. Businesses should be more aware of this growing threat and take the required measures to prevent it.

As identity fraud becomes more prevalent, businesses will need methods to crack down on attacks with full force and prevent the fraud from happening. EyeDnow offers a sophisticated Visual ID Verification Software as a solution to the ever-growing threat.