Global Identity Fraud Shift from Crypto to Payments

  financemagnates.com 8 h

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…

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