AU10TIX, a technology firm that’s focused on supporting identity verification and management, released its latest Report on Global Identity Fraud.
Obtaining insights from transactions processed around the globe from Jan to Dec 2024, the report uncovers trends in organized identity fraud. “2024: The Year of Fraud-as-a-Service (FaaS)” outlines how ‘the industry’s dark engine’ offers user-friendly fraud kits that enable amateurs to “execute complex attacks against thousands of accounts in minutes.”
FaaS platforms provide tools, templates and automation that fraudsters need to commit “widescale identity fraud, deepfakes, and cyberattacks,” including:
- Deepfake generators to create synthetic selfies and videos
- Botnets to automate mass-scale account creation and takeover
- Phishing kits for email and web-based scams
- Dark web marketplaces: a hub for buying stolen data
In one instance, AU10TIX detected “a single mega attack spanning four geographies (APAC, EMEA, LATAM, NA) and three industries (payments, crypto, social media).”
It involved 4,580 unique permutations of “the same ID template and had all the markings of an FaaS-enabled attack.”
APAC led the pack as the epicenter of 2024’s mega attacks, “taking 88% of the overall share.”
Social media became a “battleground” for fraud and misinformation in 2024, with “a surge of activity related to elections, international conflicts, and other hot-button topics.”
Users leveraged these platforms for e-commerce, which “opened the door for fraudsters to conduct illicit activities that were once confined to payments, banking, crypto, and other fintech platforms.”
As a result, a full 30% of identity fraud attacks “targeted social media in Q4, compared to a mere 3% in Q1.”
As fraud increased on social media platforms, it “declined in the payments sector, historically the most targeted industry.”
Payments reportedly saw “54% of attacks in Q1, but due to tougher law enforcement, the number had declined to 43% by Q4.”
Attacks against the crypto sector also decreased to “24% and stabilized following the implementation of MiCA regulations in 2023.”
AU10TIX’s Report on Global Identity Fraud offers various insights in order to help organizations protect against identity fraud:
- Social Media Platforms Must Invest in Smarter Fraud Detection – Enhanced selfie and fraud detection tools are necessary to protect social media engagement, ensure account authenticity, and prevent the risks posed by fake accounts.
- Engage in Transparent Collaboration – Consortium validation and visual fraud simulations are powerful tools against FaaS-driven mega attacks. Organizations can leverage consortium insights to add a robust second layer of protection and risk mitigation.
- Be Proactive – Don’t just react to what’s hapening now; prepare for what’s coming next. Future-proofing means adopting AI-driven validation and multi-layer defenses to combat deepfakes, synthetic identities, and emerging threats.
AU10TIX plays a role in establishing “trust between individuals/companies and digital systems.”
Founded in 2002, it is the global enabler of identity verification and management, “protecting brands against advanced fraud.”
The company’s product portfolio helps businesses “provide customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements.”
AU10TIX offers the automated global identity management system, as well as the solution that can “detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies.”
With its roots in airport security, AU10TIX has authenticated many identities and prevented “over $18 billion in identity fraud.”