Organizations are effectively tackling the barriers to identity fraud thanks to advanced monitoring tools, artificial intelligence (AI), automation, and improved external and third-party database connections, according to a report by Yoti, a sector specialist in identity fraud. The report highlights that fraudsters are using various tactics, such as deepfakes and tampered documents, with the quality of fake IDs and driving licenses generated by AI becoming increasingly sophisticated and affordable. Although it is difficult to determine whether fraud is increasing or decreasing, the accessibility of low-level fraud has likely led to higher volumes as fraudsters take advantage of easily exploitable opportunities. The report emphasizes the need for a multi-layered approach to fraud detection, including document authenticity checks, face matching using proprietary liveness technology, and human verification experts. Additionally, businesses may consider adopting digital ID support to reduce the amount of personal data shared and alleviate risks associated with carrying physical identification documents. As fraudsters continue to evolve, Yoti is committed to staying at the forefront of detecting and preventing fraud by leveraging AI technology and a team of verification and fraud experts.
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