Get Identity Fraud Trends And Patterns:

In financial year 2023, the Reserve Bank of India (RBI) reported bank frauds amounting to more than 302.5 billion Indian rupees. This was a decrease from over 1.3 trillion rupees in 2021.

Every year there are more than 50,000 individual personal data breaches in the US. Identity theft victims in the US are most commonly aged between 30-39 years old. Americans are statistically likely to know a victim of identity theft. 87% of people leave personal information exposed online.

Rise of Synthetic Identities ing to the McKinsey Institute, synthetic identity fraud is the fastest-growing type of financial crime in the United States and is also on the rise around the globe. Indeed, synthetic identity fraud comprises 85% of all fraud right now.

Synthetic identity theft has emerged as a pervasive and rapidly growing form of financial crime globally. In this sophisticated fraud scheme, scammers construct fictitious identities by blending real and fabricated information, making it incredibly challenging to detect their deceitful activities.

Fraud data analysis techniques include using data mining, predictive analytics, and machine learning algorithms to uncover patterns and trends that may indicate fraudulent activity. These techniques can help identify anomalies and suspicious behaviour that may indicate fraud.

Pretexting has taken off in 2023, with CEO scams and cryptocurrency frauds becoming common ways to swindle users out of their money. Likewise, job postings and romance scams have become typical setups for highly damaging fintech frauds like pig butchering scams.

The number of identity theft cases reported to the Federal Trade Commission (FTC) has increased in the last five years. ing to the FTC's Consumer Sentinel Network (CSN) report, the number of reported cases more than doubled from 2019 to 2020. One possible reason for this upward trend is the coronavirus pandemic.

We're already seeing an increase in social engineering and phishing attempts since 2020. This will continue to rise in 2023 with scams detailing job adverts, investment opportunities, bogus Government assistance grant schemes, and messages impersonating family members.