The latest report by Telesign has revealed that nearly one in three people globally have fallen victim to digital fraud, with most incidents occurring within the past six months. Data breaches are the main factor, with almost half of all reported fraud cases involving information stolen during a breach.
“People long to connect with each other and the companies they love without compromise or fear. Paradoxically, our research has found that more people are not just more anxious about fraud but are reporting more recent and frequent incidents of it. It’s rare when reality and fear meet so profoundly. We face a digital fraud epidemic. We hope this report can serve as a wakeup call to the urgent need to build greater levels of protection into every digital interaction,” said Christophe Van De Weyer, CEO of Telesign.
In addition, the report highlights a growing fear of digital fraud worldwide. Over half of respondents (58%) are more concerned about becoming fraud victims today than they were two years ago. This fear spans across regions and demographics, driven especially by the rapid growth of AI technologies and the increasing need to submit personal data online.
The findings show that 52% of people are more vulnerable because of the rising need to share personal information online, while 34% cite knowing someone who has been a victim as the reason for their heightened concern.
Data breaches remain a critical driver of fraud, with the number of cases involving stolen information rising every year. In the U.S. alone, 30% of respondents reported experiencing fraud in the last three years, with 59% of cases happening within the past six months, a 31% increase from the previous year. Generative AI is believed to be behind this surge, as fraudsters employ advanced AI techniques to carry out more complex attacks.