Selfie biometrics adopted by fintechs amid 70% fraud rate spike at financial institutions

Overall fraud incidents are up 20 percent, according to findings from the Identity Fraud Report 2024 from ID verification platform provider Veriff. Financial institutions saw even higher rates of fraud increases, with 70 percent of institutions reporting an increased fraud rate in the past 12 months in a 2023 annual findings report from AML provider Featurespace.

Veriff's findings show the overwhelming majority – 93 percent – of financial services fraud was identity fraud. One in 15 verification attempts …

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