COVID-19 has significantly accelerated the adoption of digital technologies across industries. Be it digital account opening, mobile banking, multiplayer gaming, e-commerce, or mobile payments—the pandemic has forced organizations and consumers to go digital.
The explosive growth in digital engagement has also led to an undesirable outcome: a sharp increase in cyber fraud. Scamsters are increasingly prying on unsuspecting first-time digital users. Identity fraud—derived on the back of credentials stolen through a massive number of phishing attacks—has gone up significantly compared to previous years. SIM swaps and account takeovers are now more common than ever before.
Here are some telling numbers on cyber fraud seen rising since the onset of COVID-19.
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Identity verification is crucial for developers to prioritize in their applications to ensure a secure and trustworthy online environment for all parties involved.
In an age where our smartphones have become almost like extensions of ourselves, the identity assurance achieved through smartphone possession and data is a natural evolution.
Rodger Desai, CEO of Prove, a leading identity verification solution provider, offers a unique perspective on the rising fraud in the gig economy, advocating for robust digital identity verification as a key defense mechanism.
