A Cure for the Account Fraud Epidemic

In today's digital landscape, account fraud has become an alarming epidemic, posing significant risks to businesses worldwide. In our latest infographic, A Cure for the Account Fraud Epidemic, we explore the symptoms, spread, and cure for the account fraud epidemic. To follow are some of the alarming statistics, the impact of account takeover attacks, and real-world outbreaks. Our hope is that we can arm you with this knowledge so that you can take proactive steps to safeguard your business from financial and reputational damage.

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Alarming Statistics

The account fraud epidemic is supported by alarming statistics that underscore its severity. In 2020, organizations witnessed a significant 57% increase in account takeover incidents, indicating the escalating nature of the problem. Furthermore, a staggering 80% of data breaches involve compromised credentials, emphasizing the urgent requirement for robust security measures.

Perhaps most concerning is the astonishing 109% growth in new account fraud cases between 2020 and 2021, highlighting the rapid proliferation of this threat. These statistics paint a sobering picture of the account fraud landscape and highlight the crucial need for proactive prevention measures.

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The Account Takeover "Virus"

Account takeover attacks are rapidly spreading, causing widespread impact on both businesses and individuals. It is alarming to note that in the past year alone, a staggering 96% of businesses fell victim to these attacks, clearly highlighting the pervasive nature of this threat. Moreover, the fact that over 1 in 5 U.S. adults (equivalent to 24 million households) have personally experienced account takeover emphasizes its prevalence in today's digital landscape.

The concerning aspect is the significant 90% increase in ATO attacks between 2020 and 2021 according to Javelin Strategy, underscoring the urgent need for robust countermeasures to protect against this growing menace. These trends serve as a stark reminder of the importance of proactive measures to safeguard accounts and prevent unauthorized access.

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The Impact and Real-World Outbreaks

Account fraud leaves a trail of substantial consequences for businesses and their customers, with far-reaching implications. One startling fact is that, on average, it takes a staggering 70 days to detect an account takeover, providing more than enough time for substantial damage to occur. (Source: Sift)

In 2020 alone, Aite Group reported that global fraud losses resulting from account takeover reached a staggering $6.5 billion, underscoring the significant financial toll inflicted by this epidemic. Additionally, in 2021, a striking 61% of data breaches were attributed to stolen credentials, highlighting the critical importance of safeguarding user information. Real-world examples further illustrate the severity of account fraud outbreaks, impacting not only customer accounts but also leading to significant financial losses and even affecting ticket sales. These sobering realities reinforce the urgent need for businesses to implement robust security measures and proactive strategies to mitigate the devastating impact of account fraud.

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Get the Cure: Identity Assurance for Account Fraud Detection & Prevention

There is hope on the horizon. Verosint is an innovative platform designed specifically to combat this growing threat. To combat the account fraud epidemic, Verosint utilizes advanced technologies, including identity assurance, behavioral analytics, user fingerprinting, and machine learning. By analyzing user accounts in real-time, Verosint prevents fraudulent activity before it can cause harm, ensuring the safety and security of your data.

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Take Action Today

Don't wait until it's too late. Implementing Verosint's user-friendly platform empowers your business to thrive while effectively defending against account fraud. With Verosint, you can proactively stop account fraud in its tracks and protect your organization from devastating consequences. Request a demo today.

Together, we can work towards safeguarding your business from the ever-growing threat of account fraud.

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