“Jumio attributes the trends to the increasing use of identity assurance systems like its own, which features facial recognition and eye tracking for liveness detection. “
Sophisticated digital security measures may be starting to make a difference in fighting fraud, suggests new findings from Jumio. The company reports that after a steady rise in fraud over the Black Friday-Cyber Monday shopping period between 2014 and 2016, this year saw a decline of 17 percent.
In the financial services sector, which tends to see higher than average fraud rates over this period, the annual Black Friday-Cyber Monday fraud spike dropped from 57.4 percent last year to 18.4 percent this year.
Looking to a regional breakdown, things seem to be improving in the US, with fraud based on American IDs down 29 percent against 2016, and was 8.6 percent lower than fraud based on European IDs. And fraud in financial services was 36.6 percent lower in the US than in the EU this year.
It’s good news after a string of depressing headlines concerning data breaches and lagging security efforts in IT. Jumio attributes the trends to the increasing use of identity assurance systems like its own, which features facial recognition and eye tracking for liveness detection. But the company also stresses the need not to grow complacent due to the positive trends, with Director of Product Management Reinhard Hochrieser asserting in a statement that organizations “should continue investing in ID and identity verification solutions to deter fraud and better establish identity, without scaring off good customers.”