How to Play Offense to Tackle Increasing Identity Fraud During a Downturn

Economic downturns, high inflation, declining GDP, and potential increases in unemployment can create conditions associated with rising identity and financial fraud, particularly through the “fraud triangle” of opportunity, rationalization, and financial pressure. Drawing on the COVID-19 period, when attempted identity fraud reportedly rose sharply alongside unemployment and the distribution of relief funds, the discussion notes that fraud patterns can vary substantially by sector, with recent increases cited in fintech deposit accounts, investments, and credit cards despite declines in some banking and money-transfer areas. It recommends that organizations regularly reassess fraud risks, distinguish among fraud types so they can deploy appropriate controls, monitor dark-web fraud rings and “fraud as a service” activity, and update identity-verification technology. The piece presents Socure’s graph-based machine-learning and artificial-intelligence platform as a solution that combines multiple identity signals, device intelligence, broad data sources, and near-real-time transaction outcomes to improve fraud detection while reducing customer friction.

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