AI is changing the face of identity fraud. Or at least how that face is generated.
The quality of fraudulent IDs has always varied – from obvious fakes, easily caught by the naked eye, to high-quality fake IDs, only detectable with specialized authentication hardware and software. Cheaper production methods, foreign imports, and darkweb knowledge-sharing between fraudsters are increasing the accessibility and sophistication of fake identity documents and their ability to be used in complex identity fraud scams.
While the sheer impact of identity fraud-related costs is difficult to assess in its entirety, Javelin Research from 2021 suggests the figure is upwards of $50 billion per year for US businesses. However, with businesses losing an average of 5% of their revenue as a direct result of fraud, the true cost is far, far greater. Only by adapting to the latest fraud methods, many driven by AI, can businesses stem these losses.
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