Survey: 79 Percent of U.S. Business Leaders Using AI to Enhance Fraud Prevention Efforts

  • Jun 27, 2024

The US economy is facing a significant surge in online fraud, with nearly 90% of business leaders reporting it costs them up to 9% of their annual revenue. This is a key finding from the Veriff Fraud Industry Pulse Survey 2024, which surveyed hundreds of senior decision-makers and fraud leaders across various sectors in the US.

The survey highlights that almost 87% of respondents experienced an increase in online fraud over the past year, and nearly 90% suffered revenue losses between 1% and 9% a year. For a company with an annual revenue of $100 million, this could mean a loss of up to $9 million.

“AI is a growing threat as it has been weaponized by fraudsters, but it is also an opportunity to fight against fraud,” said Ira Bondar, Senior Fraud Group Manager at Veriff. “About 78% of decision-makers noted an increase in AI-driven fraud, while 79% are using AI and ML to enhance their fraud prevention efforts, from identifying fraud patterns to automating the customer identity verification process for more robust checks.”

According to the survey, US businesses are actively improving their defenses, with nearly 96% planning to increase the use of Identity Verification (IDV) and biometrics in the coming year.

Consumer awareness is also increasing, with over 86% of US fraud decision-makers reporting higher demands for robust fraud prevention measures. Supporting this trend, the Veriff Fraud Index 2024 found that 75% of consumers consider a company’s fraud prevention record before using its services.

Featured

  • Gaining a Competitive Edge

    Ask most companies about their future technology plans and the answers will most likely include AI. Then ask how they plan to deploy it, and that is where the responses may start to vary. Every company has unique surveillance requirements that are based on market focus, scale, scope, risk tolerance, geographic area and, of course, budget. Those factors all play a role in deciding how to configure a surveillance system, and how to effectively implement technologies like AI. Read Now

  • 6 Ways Security Awareness Training Empowers Human Risk Management

    Organizations are realizing that their greatest vulnerability often comes from within – their own people. Human error remains a significant factor in cybersecurity breaches, making it imperative for organizations to address human risk effectively. As a result, security awareness training (SAT) has emerged as a cornerstone in this endeavor because it offers a multifaceted approach to managing human risk. Read Now

  • The Stage is Set

    The security industry spans the entire globe, with manufacturers, developers and suppliers on every continent (well, almost—sorry, Antarctica). That means when regulations pop up in one area, they often have a ripple effect that impacts the entire supply chain. Recent data privacy regulations like GDPR in Europe and CPRA in California made waves when they first went into effect, forcing businesses to change the way they approach data collection and storage to continue operating in those markets. Even highly specific regulations like the U.S.’s National Defense Authorization Act (NDAA) can have international reverberations – and this growing volume of legislation has continued to affect global supply chains in a variety of different ways. Read Now

  • Access Control Technology

    As we move swiftly toward the end of 2024, the security industry is looking at the trends in play, what might be on the horizon, and how they will impact business opportunities and projections. Read Now

Most   Popular

Featured Cybersecurity

Webinars

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file. 3

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening. 3

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction. 3