Fraud Roundup 2024 – Key Insights and Trends
As the festive season is in full swing, it’s crucial to stay vigilant against the heightened risks of fraud. Historically, fraud peaks during this time, with an expected seasonal spike in Q4 as financial transactions surge for holiday shopping and travel.
Northern Ireland’s First-Ever Public Sector Fraudathon
In 2024, SureCert proudly hosted Northern Ireland’s first-ever Public Sector Fraudathon in partnership with NI Direct Government Services and the Chief Executives’ Forum. This landmark event brought together public sector leaders and fraud prevention experts to tackle critical issues, including:
- 🆔 Identity Fraud
- 🏢 Corporate Fraud
- 📄 Document Fraud
Ian Savage, CEO of SureCert and member of the National Fraud Advisory Board, stressed the importance of proactive measures:
“As fraudsters become more sophisticated, it’s imperative for both businesses and consumers to adopt proactive measures. Implementing strong, invisible security protocols can enhance protection without compromising user experience. By staying informed and cautious, we can collectively reduce the impact of fraud this holiday season and beyond.”
The Fraudathon set a benchmark for innovation and collaboration, reaffirming SureCert’s commitment to creating safer, more secure systems.
👉 Discover how SureCert can help your organisation stay ahead of fraudsters here.
Insights from Experian as We Approach the End of the Year
Fraudsters are gearing up for one of their busiest seasons, leveraging increased online spending and relaxed vigilance. Experian’s analysis highlights alarming trends during the festive period:
- £28 billion: The amount UK consumers are expected to spend online this Christmas, creating lucrative opportunities for fraudsters.
- 83%: Identity theft accounted for the vast majority of fraud cases during the 2023 festive period.
- 12.5%: Increase in identity fraud targeting younger individuals (aged 25–39) in early 2024 compared to 2023.
These findings highlight the critical need for vigilance in both personal and organisational security.
👉 Explore Experian’s detailed report here.
Global KYC Spend in Non-Financial Sectors to Rise by 140% in 5 Years
The fight against fraud continues to evolve, with non-financial sectors increasingly investing in robust prevention measures. Over the next five years, global KYC (Know Your Customer) spending in industries such as healthcare, education, and e-commerce is projected to grow by an astounding 140%.
Organisations are recognising the pressing need to safeguard their services as digital transactions become more widespread. Advanced verification technologies, like SureCert’s AI-driven solutions, are key to addressing these emerging challenges and maintaining trust in a rapidly digitalising world.
👉 Learn more about these insights from Identity Week here.
Fraudscape 6-Month Update: The Growing Threat of Identity Fraud
The Cifas Fraudscape report highlights a surge in fraud activity, underscoring the increasing sophistication of fraudsters in 2024:
- 127,245 cases of identity fraud were recorded between January and June, the most prevalent type of fraud.
- Facility takeovers rose by a staggering 99%, targeting online retail and telecommunications sectors with unauthorised upgrades and goods dispatch.
- 102% increase in mobile phone impersonations and a 19% rise in personal bank account fraud demonstrate the rising threat of account-based fraud.
Fraudsters are now leveraging AI-driven fraud toolkits and creating synthetic identities, making detection more challenging. The rise in high-quality false documents further emphasises the need for advanced fraud detection solutions like SureCert’s, which combine document authentication, liveness checks, and data triangulation to protect businesses and individuals.
👉 Explore the full Fraudscape report here.