Identity fraud is on the rise with more and more transactions taking place online due to the pandemic.
The US Federal Trade Commission (FTC) reported that cases almost doubled in 2020 compared to the year prior, recording 1.4 million reports of identity theft incidents in 2020 costing approximately $3.3 billion. Close to one third of these incidents were in relation to unemployment insurance benefits.
South Africa also saw a significant increase in identity theft and fraud incidents, with a whopping increase of 370%. While Australia has seen 55% growth in identity theft and fraud since the beginning of the pandemic, costing Australia over $3 billion.
Cybercriminals are undoubtedly becoming more savvy and attuned to the information commonly shared by people. In a time of uncertainty and increased online entry points, they are now more adept at finding ways to exploit these stolen identities.
This increase in identity fraud raises two issues for businesses:
Protect your business from identity theft by tightening up your processes. Contact a trusted identity verification provider for your hiring and recruitment processes, and ensure your data security is up to date.
National Crime Check is an experienced and trusted provider of screening and verification services. We conduct a range of background screening services, with a particular focus on criminal history checks and identity verification. Get in touch at email@example.com if you’d like to discuss background screening and identity verification to protect your business.