- Report claims the average business loses $7 million annually to identity fraud
- Larger enterprises with more than 100,000 workers could lose upwards of $50m
- Identity verification solutions not only minimize this but also help improve brand impact
Organizations with more than 150 workers are losing an average of $7 million annually due to identity fraud, new research from DocuSign has revealed.
Moreover, companies with over 5,000 employees report an average of $13 million in such losses, with one in five companies with over 10,000 workers losing more than $50 million directly and indirectly from identity fraud-related costs.
The trend shows no sign of showing down, either, with more than two-thirds (69%) agreeing that fraud attempts have increased, noting the AI’s role in the frequency and sophistication of these types of attacks.
Digital fraud is on the up
Despite the evolution of fraud, we haven’t seen much change in decades when it comes to username and password fraud, which accounts for half (51%) of all cases. Interestingly, only one in five (21%) reported attempts against facial biometric liveness detection, suggesting a higher effectiveness.
As such, three-quarters (74%) plan to increase investment in identity verification solutions. Those that have already report an average of $8 million in savings.
Perhaps in a bid to show just how valuable its eSign software can be, Docusign suggests that identity verification investors are 2.2x more likely to achieve savings, 1.7x more likely to significantly reduce identity fraud, 2.7x more likely to see a competitive advantage and 1.6x more likely to report positive brand impact – all good metrics for what can be a costly outlay to begin with.
“As identity fraud escalates, enterprises are increasingly pressured to strike the right balance between security and seamless user experiences,” Docusign Group VP of Product Mangesh Bhandarkar commented.
Quick biometric checks, device recognition and AI-powered deepfake detection all help to provide a more seamless user experience while maintaining optimal security.
“By implementing intelligent, low-friction security measures… businesses can create the right balance between building trust, protecting customers, and driving long-term engagement in an increasingly digital world,” Bhandarkar concluded.
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