idnow-reports-250%-increase-in-fraud-attempts-since-the-beginning-of-the-covid-19-pandemic-–-detection-remains-very-good

IDnow reports 250% increase in fraud attempts since the beginning of the COVID-19 pandemic – detection remains very good

 

IDnow (www.idnow.io), a leading provider for Identity Verification-as-a-Service solutions, publishes the latest figures on changes in fraud methods within the digital environment in its “Cyber Security Report 2020”. The company sees a strong increase of 250% in fraud attempts. Technology and security systems remain ahead of the new trends.

Since the beginning of the year, IDnow sees a general increase in the demand for digital services and processes. With this development, however, digital fraud methods have also changed and, in addition to new scams, show a dramatic increase over the year.

Between March and June, when many countries ordered a lockdown and processes had to move to the digital environment, IDnow saw new developments in identity fraud: Cases of Similarity Fraud increased by 231 percent during this period, Fake-ID fraud rose by 180 percent and Social Engineering attacks by 75 percent.

The fraud methods themselves also show new tricks that are adapted to the current pandemic situation. IDnow saw new cases, especially in social engineering: fraudsters use, for example, applications for government aid programs or, in the context of increased unemployment, false job advertisements as a lure.

“In the past few months, our security system has seen a sharp increase in fraud attempts and numerous new methods against which we protect our customers. We have invested in a comprehensive concept and early indicator detection to stay one step ahead of the fraudsters,” says Armin Bauer, co-founder and Managing Director Technology at IDnow. “In addition to technical warning systems, we have set up an anti-fraud team here to do research in Darknet, test fake ads ourselves and exchange information with victims to study the exact approach of the fraudsters. In this way we can detect and avoid attempts of attacks at an early stage.

Despite the new methods and an increase in fraud attempts, I am pleased to report a constant False Acceptance Rate (FAR) compared to last year.

new-cooperation:-crifburgel-and-idnow-improve-customer-experience-in-digital-onboarding

New cooperation: CRIFBÜRGEL and IDnow improve customer experience in digital onboarding

CRIFBÜRGEL and IDnow (www.idnow.io), a leading provider of Identity Verification-as-a-Service solutions, announce their cooperation in the field of digital onboarding.

With the growing demand for digital identification, IDnow and CRIFBÜRGEL are taking the next step together towards a simple, fast and fully digital onboarding. CRIFBÜRGEL is now integrating IDnow’s solutions into its PHYON onboarding platform to offer customers a seamless, simple process. IDnow’s identification methods perfectly complement the innovative concept of CRIFBÜRGEL’s new platform: a media break and the time required for verification in physical channels is often seen as a reason for a purchase to be aborted. Therefore CRIFBÜRGEL and IDnow now offer a new solution for the eGaming and Gambling industry as well as for insurance, finance and other transactions with high security requirements.

“We are very much looking forward to working with CRIFBÜRGEL and supporting their platform with our digital verification solutions. Completely digital processes are absolutely essential and complete a portfolio like CRIFBÜRGEL’s. Digital identification not only increases conversion rates for companies and saves costs, but above all is a key factor for end customer satisfaction,” says Sebastian Bärhold, Co-Founder and Business Development at IDnow.

“Companies appreciate our advanced solutions for customer identification and credit assessment. With our comprehensive digital onboarding offer, we help them to make customer travel as pleasant as possible. Media disruptions are prevented, cancellation rates are reduced and thus revenues are increased. By cooperating with IDnow, we can offer our customers another important component in the identification process,” says Dr. Frank Schlein, Managing Director at CRIFBÜRGEL.