The Battle Against AI-driven Identity Fraud
See how financial institutions across Europe are addressing AI-driven identity fraud—their experiences, AI’s impact, and readiness. Access the full report, created with David Birch and Consult Hyperion, for full insights.
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Learn more about digital identity fraud fueled by AI, the challenges businesses face, and how to prevent it. Join us for an engaging webinar, "Battle Against AI-driven Identity Fraud," featuring David Birch, Global Ambassador at Consult Hyperion, and Pinar Alpay, Chief Product and Marketing Officer at Signicat.
Fraud attempts have surged by 80% in the past three years, with AI-driven fraud emerging as a significant threat. Its complexity is evolving, leaving financial service providers and fintechs struggling to defend themselves.
Fraudsters are using AI to create sophisticated schemes that are increasingly difficult to detect and prevent. Deepfakes now represent 6.5% of total fraud attempts, marking a staggering 2137% increase over the past three years.
The challenge for the industry is no longer just about AI making fraud more effective; it's now about AI driving fraud on an industrial scale.
This study explores various aspects of fraud and AI-driven identity fraud, including the current state of fraud, awareness of AI's role in fraud, the prevalence and impact of AI-driven identity fraud, the rise of deepfakes, organisational readiness to combat AI-driven fraud, and future prevention strategies.
– The power of AI is undeniable. Within little more than a year it has transformed how we think about the digital economy – accelerating us towards a future with unthinkable levels of automation. AI will bring substantial efficiency gains into all parts of the economy. However, it will also present new threats as bad actors learn how to use the technology for their criminal purposes.
Key findings at a glance
Growing awareness and an increasing threat, but confusion and inaction persist among fraud decision-makers.
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AI Evolution
Three years ago, AI crafted synthetic identities and document forgeries; now, it fuels deepfakes and social engineering attacks
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Threat Surge
Deepfakes dominate eID fraud, targeting banks, fintechs, and large firms
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AI Success Rates
42.5% of detected fraud involves AI, with a 29% success rate
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Future Challenges
Fraud decision-makers foresee AI's role but grapple with its nuances and resource scarcity
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Business Preparedness
Most businesses prioritise AI-driven fraud prevention but lag in implementation