IDology Releases 2013 Fraud Report; Suspected Fraud Attempts Continue, the Majority of Fraud Occurs in Website Applications, #1 Industry Challenge is Shifting Tactics Use

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Additional highlights from IDology’s 2013 Fraud Report: Credit, debit and prepaid card fraud lead the pack but vary by industry; alternatively, organizations feel most prepared to detect and prevent credit, debit and prepaid card fraud; average suspected fraudulent transaction is under $1,000.

IDology Releases 2013 Fraud Report

'We are very excited to have officially launched our first annual Global Fraud Report,' said John Dancu, CEO of IDology.

IDology, a leading provider of on-demand technology solutions that verify an individual’s identity and age for anyone conducting business in a customer-not-present environment, today announced the launch of their 2013 Fraud Report which polled senior executives from IDology’s comprehensive customer base in order to collect and analyze their expertise when it comes to suspected fraud throughout their industry.

“We are very excited to have officially launched our first annual Global Fraud Report,” said John Dancu, CEO of IDology. “The fraud landscape is constantly evolving as fraudsters become more and more knowledgeable of prevention practices. This is a problem as it impacts costs and revenue throughout an organization’s entire process. This Fraud Report presents the collective input of some of the world’s most talented and diligent anti-fraud practitioners and provides useful insights to assist other organizations in their fraud prevention practices.”

IDology’s 2013 Fraud Survey was distributed and validated through TechValidate, a third party research organization.

A few highlights from the report:

o    66% of respondents say they experienced suspected fraud attempts in the last 12 months
o    36% responded that these suspected attempts have increased in the last year; 50% say these attempts have remained the same
o    78% of respondents say website applications are prone to the majority of suspected fraud attempts in their industry
o    57% responded that suspected credit, debit and/or prepaid card fraud is most prevalent in their industry followed by account takeover at 35%
o    Alternatively, the majority (51%) of respondents say their industry is most prepared to detect and prevent credit, debit and/or prepaid card fraud, followed by fraud associated with money laundering at 37%
o    60% of respondents say that the ever-changing tactics used by fraudsters is the #1 hurdle to fraud prevention in their industry, followed by lack of customer awareness at 44%
o    45% responded that the average estimated transaction value of the suspected fraud attempts in their industry is under $1,000, followed by $1,000 – $3,000 at 16%

To download the complete report, IDology.com.

“It becomes clear throughout this study that suspected fraud attempts remain a concern and that organizations can benefit from implementing comprehensive fraud prevention programs and platforms throughout their enterprise,” said Dancu. “At IDology, we maintain a solution-driven approach to identity and age verification that can quickly adapt as fraud tactics change. Our goal is to help companies acquire more customers in a frictionless way while simultaneously providing tools to reduce fraud.”

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