Digital fraud of all types in the UK and Europe is increasing, according to new research, with deepfakes and forced verification making up a larger percentage of cases than in previous years. The current rise in AI technology has led to an increase in the use of deepfakes by criminals, accounting for 5.9% of fraud cases in the UK and 7.6% in Germany. Printed forgeries, which constituted a significant portion of fraud cases last year, dropped to less than 0.1% in Q1 of 2023. Pavel Goldman-Kalaydin, the Head of AI & ML at verification platform Sumsub, warns that forced verification, where individuals are made to comply by force, is also on the rise. Consulting has seen a significant increase in the proportion of fraud cases in the UK, tripling from 1% to 3%. In contrast, the fintech sector experienced a decrease, falling from 3% to 1%. Identity document forgery remains the most frequent type of fraud in the UK and EU, accounting for up to 40% of all cases.
The research undertaken by Sumsub has provided an insight into the rising prevalence of fraudulent activity in the UK and EU. The company provides verification and compliance services for businesses globally, helping to fend off fraud and establish trust with customers.
Pavel Goldman-Kalaydin, the Head of AI & ML at Sumsub, has been instrumental in uncovering the trends that have emerged in fraudulent activity in recent years. As a leader in the field of identity verification and compliance, Pavel’s expertise has been employed to create and implement sophisticated machine learning algorithms and models, enabling Sumsub to stay ahead of the curve in the ever-evolving landscape of fraud detection.
