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   Businesses are losing millions to fraud every year   
      
   Date:   
   Fri, 04 Apr 2025 09:24:52 +0000   
      
   Description:   
   Large businesses could be losing in excess of $50 million a year to identity   
   fraud  stronger systems are required.   
      
   FULL STORY   
      
   Organizations with more than 150 workers are losing an average of $7 million   
   annually due to identity fraud, new research from DocuSign has revealed.    
      
   Moreover, companies with over 5,000 employees report an average of $13    
   million in such losses, with one in five companies with over 10,000 workers   
   losing more than $50 million directly and indirectly from identity   
   fraud-related costs.    
      
   The trend shows no sign of showing down, either, with more than two-thirds   
   (69%) agreeing that fraud attempts have increased, noting the AIs role in the   
   frequency and sophistication of these types of attacks.    
      
   Digital fraud is on the up   
      
   Despite the evolution of fraud, we havent seen much change in decades when it   
   comes to username and password fraud, which accounts for half (51%) of all   
   cases. Interestingly, only one in five (21%) reported attempts against facial   
   biometric liveness detection, suggesting a higher effectiveness.    
      
   As such, three-quarters (74%) plan to increase investment in identity   
   verification solutions. Those that have already report an average of $8   
   million in savings.    
      
   Perhaps in a bid to show just how valuable its eSign software can be,    
   Docusign suggests that identity verification investors are 2.2x more likely    
   to achieve savings, 1.7x more likely to significantly reduce identity fraud,   
   2.7x more likely to see a competitive advantage and 1.6x more likely to    
   report positive brand impact  all good metrics for what can be a costly    
   outlay to begin with.    
      
   As identity fraud escalates, enterprises are increasingly pressured to strike   
   the right balance between security and seamless user experiences, Docusign   
   Group VP of Product Mangesh Bhandarkar commented.    
      
   Quick biometric checks, device recognition and AI-powered deepfake detection   
   all help to provide a more seamless user experience while maintaining optimal   
   security.    
      
   By implementing intelligent, low-friction security measures businesses can   
   create the right balance between building trust, protecting customers, and   
   driving long-term engagement in an increasingly digital world, Bhandarkar   
   concluded.   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/security/businesses-are-losing-millions-to-fraud   
   -every-year   
      
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