PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Too Many Businesses Assume They’ve Beaten Identity Fraud

By Tom Nawrocki
June 6, 2025
in Analysts Coverage, Fraud & Security
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
fraud in commercial payments, Vota fraud, mobile payments PCI compliance

fraud in commercial payments

Are businesses too confident in their ability to fight identity fraud? Recent data suggests they might be. While many European businesses believe they’re effectively addressing the issue, many don’t consistently track its impact.

According to The Battle in the Dark 2025 survey by Signicat and Red Goat Cyber Security, only 5% of respondents expressed a lack of confidence in their identity fraud processes. Around three-quarters believe they are winning the fight—despite the fact that 47% don’t track fraud consistently.

“Part of the problem with fraud is you can’t detect what you aren’t aware of or aren’t looking for,” said Jennifer Pitt, Senior Analyst of Fraud Management at Javelin Strategy & Research. “If consumers are not reporting fraud for a number of reasons, it creates the illusion that whatever fraud controls the organization has are working.”

A Growing Problem

Those confidence numbers are even more out of sync given that European businesses estimate that one in five transactions are fraudulent. Identity fraud and its associated costs impact up to 22% of their annual revenue.

And these numbers continue to grow. Signicat’s data shows that identity fraud attempts have increased by 69% over the past four years, with overall fraud attempts up 88%.

Difficult to Detect

Identity fraud accounted for 9.3% of all fraud attempts so far this year, making it the most common type of fraud in Europe. Account takeover and social engineering were the second and third most prevalent methods. The study found that ID fraud was the most common in the banking industry, while in the payments industry, the most common fraud tactic is account takeover.

“Certain types of fraud, like account takeover and synthetic identity fraud, are more difficult to detect, and organizations might not even know it’s happening,” said Pitt. “Some of these organizations may rely solely on one fraud detection method, rather than using a layered approach that is needed to combat the more sophisticated types of fraud.”

The study also found that 80% of businesses believe pushing back against criminals only prompts them to change their tactics. This constant innovation remains a key challenge in the fighting against fraud.

“Fraud is evolving faster than detection systems can keep up,” Pitt said. “Organizations still relying on legacy and static detection methods, which may be missing newer and more sophisticated fraud threats. Ironically, this lack of detection gives a false sense that their detection methods are working, when in fact, fraud is going undetected.”

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: EuropeFraud DetectionIdentity Fraudidentity theftRed GoatSignicat

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Payment Facilitator

    The Payment Facilitator Model as a Growth Strategy for ISVs

    February 4, 2026
    Simplifying Payment Processing? Payment Orchestration Can Help , multi-acquiring merchants

    Multi-Acquiring Is the New Standard—Are Merchants Ready?

    February 3, 2026
    ACH Network, credit-push fraud, ACH payments growth

    What’s Driving the Rapid Growth in ACH Payments

    February 2, 2026
    chatgpt payments

    How Merchants Should Navigate the Rise of Agentic AI

    January 30, 2026
    fraud passkey

    Why the Future of Financial Fraud Prevention Is Passwordless

    January 29, 2026
    payments AI

    When Can Payments Trust AI?

    January 28, 2026
    Contactless Payment Acceptance Multiplies for Merchants: cashless payment, Disputed Transactions and Fraud, Merchant Bill of Rights

    How Merchants Can Tap Into Support from the World’s Largest Payments Ecosystem

    January 27, 2026
    digital banking

    Digital Transformation and the Challenge of Differentiation for FIs

    January 26, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result