KEY FACT
Online fraud activity surged 21 % year-on-year, outpacing traditional security measures
T H E M O D E R N C H A L L E N G E
KEY FACT
72 %
of US firms reported increased fraud attacks in the past year
Source: Veriff
Online fraud activity surged 21 % year-on-year, outpacing traditional security measures
Today’ s fraud ecosystem has shifted from opportunistic attacks to industrialised cybercrime. Account takeover incidents multiply as criminals use AI to create synthetic identities.
Deepfake technology transforms document manipulation from skilled forgery into automated processes, while sophisticated social engineering campaigns target vulnerable customers.
The financial consequences are substantial, with 75.5 % of surveyed businesses confirming revenue losses due to fraud in Veriff’ s 2025 survey. Nearly a third report revenue reductions of 3-5 %, while 13.5 % face severe impacts exceeding 10-20 %: a marked increase from previous years when losses rarely exceeded single digits.
Password-based authentication systems, once considered adequate protection, now represent security’ s weakest link. Knowledge-based verification fails when personal information becomes widely available through data breaches. Single-factor authentication leaves customers exposed to credential stuffing attacks,
152 November 2025