July 24, 2024

A recent survey reveals an escalating trend in online fraud, with nearly 87% of survey participants stating a rise in fraudulent activity from April 2023 to 2024. Only a mere 1.19% of respondents report zero illicit IDV (identity and verification) attempts each month.

The [Veriff](https://www.veriff.com/) report also highlights that more than 86% of business decision-makers indicate their clients increasingly demand strong fraud prevention strategies. This ties in with Veriff’s [2024 Fraud Index](https://www.veriff.com/resources/ebooks/veriff-fraud-index-2024) findings, showing that over 75% of customers consider a company’s history of fraud prevention before becoming clients.

About 78% of US decision-makers confirm witnessing a surge in AI-orchestrated fraudulent attacks in the past year. On the contrary, about 79% of CEOs deploy AI and ML in fraud prevention strategies.

In the face of rising online fraud, companies are fighting back, though more could be done. The findings suggest that for nearly two-thirds of US decision-makers, their organizations need to reinforce their protection strategies against online fraud.

The report shows that just over 28% of the respondents integrated biometrics and IDV, around 19.5% use only biometrics, whereas close to 50% use solely IDV. Still, about 96% are considering leveraging either IDV, biometrics or both more frequently over the upcoming year.

Ira Bondar, Veriff’s senior fraud group manager, emphasizes the need for comprehensive fraud prevention measures. “No single tool can tackle the multifaceted modern fraud setting, thus it’s crucial to form a fraud-prevention ecosystem. This adaptive, multi-tiered structure integrates biometrics, IDV, crosslinking and other solutions to stay ahead of fraudsters,” says Bondar.

The [complete report](https://www.veriff.com/resources/ebooks/veriff-us-fraud-industry-pulse-survey-2024) is accessible on the Veriff website.

Photo credit: [tashatuvango](https://depositphotos.com/portfolio-1092019.html)/[depositphotos.com](https://depositphotos.com/)

## Frequently Asked Questions
### What is the current trend in online fraud?
A recent survey from Veriff reported that approximately 87% of respondents experienced a rise in online fraud activities from April 2023 to 2024.

### Are businesses doing enough to prevent online fraud?
The findings from the Veriff survey suggest that nearly two-thirds of US decision-makers believe their companies need to do more to safeguard themselves from online fraud, indicating fighting online fraud remains an ongoing challenge for businesses.

### What are some strategies businesses can utilize to combat online fraud?
According to Veriff’s senior fraud group manager, Ira Bondar, businesses should focus on creating a comprehensive fraud prevention ecosystem. This multi-tiered structure integrates biometrics, IDV, crosslinking, and other solutions, tailoring a defensive stronghold against fraudsters. The report also suggests an increasing trend toward the use of AI and ML in fraud prevention strategies.