/Veridas Identity Fraud Report

Identity fraud is a persistent and evolving threat that continues to impact individuals and organizations globally. In 2024, the problem has reached alarming new dimensions, with a significant increase in fraud reports and financial losses associated with cybercrime. According to the U.S. Federal Trade Commission (FTC), 5.7 million fraud and identity theft reports were filed, of which 1.4 million were related to identity theft.

This trend reflects a progressively dangerous digital environment, where technologies like generative AI have made sophisticated fraud methods more accessible. In 2024, the total global cost of cybercrime was estimated at $10.2 billion, almost double the $6.9 billion reported the previous year. Victims experienced an average financial loss of $500 per case of fraud. In the United States, an identity theft case occurs every 22 seconds, highlighting the prevalence and scope of these crimes.

Deepfakes have also emerged as a more significant threat, with a notable increase in their use for fraud attempts. As of 2024, 70% of companies recognize AI-generated fraud as a key operational challenge. Synthetic identities now account for 85% of financial fraud cases, making it the fastest-growing fraud category.

This report explores the current trends in identity fraud, the most common and dangerous examples, and the technological solutions helping to combat this rising threat.