The latest report from Signicat and Red Goat Cyber Security highlights a worrying trend in identity fraud, revealing that 59% of businesses have seen an increase in fraud attempts this past year. Surprisingly, while most firms maintain a high level of confidence in their fraud protection, a significant number are unaware of the actual impact this fraud is having on their operations.
Key Points
- 59% of firms report an increase in identity fraud attempts compared to last year.
- Despite this, 74% of businesses feel confident in their ability to combat fraud.
- 22% of annual business revenue is affected by identity fraud and prevention costs.
- 71% believe that AI is primarily responsible for fraud attempts.
- Account takeover and social engineering attacks are among the highest costing methods of fraud.
- Fewer than half of businesses track fraud consistently or measure its impact effectively.
Why should I read this?
If you’re in the business world dealing with customer data, this report is a must-read! It lays bare the alarming disconnect between confidence and reality regarding identity fraud—exposing how unprepared many companies really are. Understanding the latest trends in fraud can help you better protect your organisation. So, don’t just take my word for it; dive in and arm yourself with the knowledge to fight back!
