Arming your company and customers with information about how online criminals operate helps deter fraud

Years ago, the primary way your identity could be at risk was if you lost your driver’s license or dropped your credit card. Today, however, our personal information sits in untold numbers of databases around the world, and online criminals are using increasingly sophisticated technologies to find and use it.

Identity fraud resulting from scam losses hit $23 billion (about $71 per person in the US) in total annual cost in 2022, according to the just-released 2023 Javelin Strategy & Research Identity Fraud Study. At the same time, “traditional identity fraud losses decreased by nearly 15%” from the 2022 report, a positive trend Javelin credits to “the steady efforts of the financial services industry to keep criminals at bay.”

Mitek Systems, Inc. (MITK) has compiled 79 essential identity verification statistics for 2023, highlighting the latest digital behaviors and emerging threats that endanger today’s digital consumers. The easily digestible resource provides valuable market and threat intelligence to help companies safeguard their customers and operations.

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The guide covers everything from the level of threat and areas of greatest risk to actions every company can take to protect themselves and others. Examples:

• It takes less than 1 second to crack most of the passwords on the list of most popular passwords.
• Human error is the leading cause of serious insider data breaches, with 84% of organizations experiencing a security incident caused by a mistake.
• 80% of financial services organizations have experienced a breach that was “likely related to authentication weaknesses.”
• The average cost of an authentication-related breach is $2.19 million.

“Trust is more important than ever in today’s world,” said Mitek Senior Vice President Chris Briggs. “Educating companies and their customers allows us to work together to combat fraud, which encourages trust, both in the physical and digital worlds.”

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