Press release
Identity Fraud Costs Organizations an Average of $7 Million Annually, Says New Research From Docusign and Entrust
Research reveals the rising costs of identity fraud and how enterprises are fighting back. MINNEAPOLIS--(BUSINESS WIRE)-- Entrust, a global leader in
About this update from Docusign, Inc.
[{"type":"text","content":"\nResearch reveals the rising costs of identity fraud and how enterprises are fighting back.\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nEntrust, a global leader in providing identity-centric security solutions, and Docusign (Nasdaq: DOCU) released results of a joint global study examining the escalating costs of identity fraud and the trade-offs enterprises face between security and customer experience.\n\nThe Future of Global Identity Verification research report reveals that identity fraud is a growing threat globally and across industries, with over two-thirds (69%) of organizations reporting increased fraud attempts. Organizations with over 5,000 employees have an annual direct identity fraud cost of $13 million on average – and the costs grow by multiples as the size of organizations increases. Among organizations with over 10,000 employees, 20% have an annual direct and indirect identity fraud cost of over $50 million.\n\nWith the rise in AI-assisted fraud, attacks are becoming more sophisticated and frequent. In the report, 51% of respondents said fraud is more common when using username and password alone than any other user authentication method, highlighting the vulnerability of the most basic single-factor authentication. In contrast, 21% of organizations reported fraud attempts against facial biometric liveness detection, reinforcing the effectiveness of advanced authentication solutions.\n\nThe return on stronger identity protection\n\nAs fraud tactics evolve, organizations are doubling down on advanced security, despite concerns about adding friction to the customer experience. While 58% of respondents said that they are concerned that stricter fraud controls will frustrate consumers, the vast majority recognize the benefits of identity verification (IDV) investments:\n\n\n70% agreed that investing in technology is the best way to mitigate the financial risk of identity fraud\n\n\n74% plan on increasing their investments in IDV solutions in the future\n\n\nOrganizations that invested in IDV solutions reported savings averaging $8 million. Compared to those investing at an average level, high investors are:\n\n\n2.2x more likely to see savings compared to companies investing the same or less\n\n\n1.7x more likely to have significantly reduced identity fraud\n\n\n2.7x more likely to believe they have a competitive advantage...