New account fraud is down partly thanks to selfies

New account fraud based on ID verification declined by 23.2 percent worldwide, year-on-year in 2020 according to a new report from AI-powered identity verification specialist Jumio. Although selfie-based fraud rates were five times higher than ID-based fraud, this shows the growing number of stolen ID documents available on the dark web and, more importantly, the growing need to determine if an ID is authentic and belongs to the user. By virtue of requiring an ID and a selfie as part of the identity proofing process, Jumio has seen 80 percent less fraud compared to customers who only required a government-issued… [Continue Reading]