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…
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…
