Identity fraud has reached all time highs and experts agree that the current activity levels by organized crime groups, hackers and identity thieves indicate that the problem will become worse over the coming years.
Since 2017, hundreds of millions of PPI (personally identifying information) data points have been successfully stolen, mainly through black-hat data breaches. Much of this information has ended up in the hands of criminals, who have been having a heyday fraudulently using the information to scam billions of dollars out of the hands of businesses of all sizes.
A 2018 study estimated that $16.8 billion was lost to identity fraud in 2017.
In the 2019 Capital One data breach, upwards of 100 million individuals had their PPI compromised. Experts have said that increased losses to identity fraud have already been see as a result of this large scale theft.
How can businesses protect themselves from the onslaught of identity fraud? By making sure that all customers' identity documents are 100% genuine. While the criminals may have figured out a way to get their hands on real customers' information, they haven't figured out a way to exactly replicate genuine identity documents. By making sure that customers present with genuine identity documents, you can make sure that customers are who they say they are.