Global Identity Fraud Shift from Crypto to Payments

The global identity intelligence firm AU10TIX, has released its report about the trends of identity fraud in the global market in the third quarter of this year. This report disclosed a shift in the global identity fraud from the cryptocurrency sector to the digital payments space.

While the crypto sector, historically a hotbed for fraudulent practices, experienced an unprecedented 51% decrease in attacks, digital payments experienced a surge of 56% surge in fraud incidents. This shift, according to AU10TIX’s report emailed to Finance Magnates, is attributed to the EU’s Market in Crypto-Assets (MiCA) regulations.

Ofer Friedman, the Chief Business Development Officer at AU10TIX, mentioned: “Organized crime groups are exploiting gaps in detection technology to orchestrate financial fraud on a massive level simultaneously across multiple businesses and geographies. Actual fraud rates are multiple times higher than reported.”

Expect ongoing updates as this story evolves…

Source