New York, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Veriff, a global identity verification and authentication platform, shared expert insights into the evolving fraud landscape and the future of identity verification at the MoneyLIVE Payments Amsterdam 2024 session. One of the growing trends in the industry is synthetic identity fraud.

With a 21% rise in all online fraud from 2023 to 2024 (Veriff Identity Fraud Report, 2025), it continues to pose a significant risk to companies and consumers.

“One of the fastest-growing threats is synthetic identity fraud, where fraudsters combine real and fake information to create entirely new identities. Unlike traditional identity theft, synthetic fraud often goes unnoticed until significant financial damage occurs,” said Anton Volkov, Senior Product Manager at Veriff.

“The rise of synthetic identity fraud is compounded by emerging technologies such as deepfakes. Fraudsters increasingly use hyper-realistic manipulated visuals trying to pass identity verification checks,” he added.

Tackling such identity fraud requires a collective effort and to keep businesses and consumers safe, Volkov emphasized the importance of:

Raising awareness about deepfakes and synthetic identities.
Always validating the source of information.
Investing in deepfake detection tools and technologies.
Understanding further risks associated with deepfakes, such as invoice fraud and CEO fraud, multiple account creation and service abuse, and account takeovers.

For more insights on fraud prevention strategies and industry trends, join the Veriff Identity Fraud Report 2025 waitlist.

About Veriff

Veriff is the preferred identity verification and authentication platform partner for the world's most innovative growth-driven organizations, including online marketplaces, financial services, gaming and mobility companies, and other sectors. Veriff provides advanced technology that combines AI-powered automation with reinforced learning from human feedback, deep insights, and expertise. Veriff is the partner of choice for organizations that need to rapidly and conveniently verify and safeguard users anywhere in the world.

This item of content is a press release from a third party provider who make no warranties or representations in connection with this content and therefore PA can make no warranties in respect of its use.

Tags

More Like This

Veriff 2025 Identity Fraud Report: Online Fraud is Up by 21%

Veriff CEO Kaarel Kotkas Reveals Early Insights into Company's Annual Identity Fraud Report during Web Summit Session

Veriff Report Highlights Deepfake Threats and Protective Strategies

Veriff's Consumer Survey: Generational and Geographical Differences in Online Fraud Perceptions

Veriff Achieves Exceptional Growth in 2024 Driven By New Customers and Product Expansion

Veriff Fraud Industry Pulse Survey 2024: US Businesses Face Revenue Losses Due to Increasing Online Fraud

Veriff Identity Fraud Index: Company's Fraud Record Impacts Consumers' Purchase Decisions

Veriff named a category leader in the Chartis RiskTech Quadrant for Enterprise Fraud Solutions