- 79% of Brazilian organizations say that attempts at identity fraud are increasing;.
- For 59% of national companies, virtual scams can be solved with the right technology;
- Prevention: 52% of the companies surveyed worldwide save more than $1 million annually by using identity verification (IDV) technology. In large companies, the reduction is more than $8 million.
Identity fraud attempts generate losses of more than 50 million dollars per year for 20% of large companies. This is one of the conclusions of the global study “The Future of Global Identity Verification", from the Docusign, a pioneer in the Intelligent Agreement Management (IAM) category, in partnership with Onfido, an Entrust company. According to the survey, the annual cost for companies with more than 5,000 employees is on average 13 million dollars.
The study highlights the growth of identity fraud in companies. And in Brazil, this perception is even greater: 79% of companies agree that identity fraud attempts are increasing, while the global percentage was 69%. Among the reasons for the growth of fraud threats in Latin America are the increase in digital and mobile transactions and the lack of consumer knowledge about best protection practices.
In addition to becoming more frequent, attacks are becoming more sophisticated, especially with the use of AI. 511% of respondents revealed that fraud attempts are most common when entering usernames and passwords, highlighting the vulnerability of basic single-factor authentication. On the other hand, only 211% of organizations reported fraud attempts when using facial biometrics, reinforcing the effectiveness of advanced authentication technology solutions.
Use of technology in fraud prevention
In fact, technology can play a crucial role in preventing identity fraud. In Brazil, 59% of companies believe that fraud is a problem that we can completely solve with the right technology, while the global percentage is 40%.
Companies are also stepping up their use of advanced security to combat identity fraud, despite concerns about friction in the customer experience. While 581% of respondents said they were concerned that stricter fraud controls could frustrate consumers, the vast majority recognize the benefits of investing in identity verification (IDV) tools:
- 70% of respondents agree that investing in technology is the best way to mitigate the financial risk of identity fraud;
- 74% stated that their organizations plan to increase their investments in this type of solution;
- 52% of companies using IDV solutions saved over $1 million, and large companies saved an average of over $8 million.
- Companies that use identity verification (IDV) are twice as satisfied as those that do not use IDV.
- 63% of companies that have invested in IDV solutions believe it has had a positive impact on their brand.
“The most sophisticated IDV solutions, which use biometrics and AI, enable greater security without compromising user experience. At this point, companies that lead the adoption of this type of technology also experience the benefits of its use more quickly: in addition to increased data protection, they also experience the results of gaining greater trust from the market in relation to their business,” comments Marcelo Salles, Vice President of Sales at Docusign Brazil.
Technology to combat identity fraud
According to the research, identity verification (IDV) and authentication solutions provide this essential layer of security because they not only protect organizations from identity fraud, but also put them at a competitive advantage. 63% of organizations that have invested significantly more in IDV than their competitors believe that the steps they have taken to prevent identity fraud have had a positive impact on their brand.
With security at the forefront of its technology, Docusign offers identity verification solutions across all of its applications, from the simplest access to signing a contract to more sophisticated layers using multiple authentication factors, digital certificates and biometrics. With enhanced security methods, sensitive data in agreements and contracts is protected from unauthorized access, while at the same time, the solutions enable customers to comply with applicable regulations in their markets.
One example is the Proof of Life solution, which allows companies to use biometric verification with artificial intelligence to validate the identity of subscribers anywhere and at any time. The feature provides high levels of security for identity verification in contractual processes, with functionality enabled for mobile devices.
The study "The Future of Global Identity Verification” was conducted between November and December 2024, surveying 1,413 business and IT decision makers for identity verification (IDV) solutions in organizations with more than 150 employees who need to verify the identity of their users. Respondents were from the United States, United Kingdom, Canada, Germany, France, Mexico, Brazil, Australia and Japan.
For more information about the study, see the full report on this link.
About Docusign
Docusign brings agreements to life. With over 1.6 million customers and over a billion users in over 180 countries, Docusign solutions accelerate the process of doing business and simplify life. The Docusign IAM platform frees up business-critical data that is lost in documents, disconnected from business records, costing businesses time, money, and opportunities. With Docusign IAM, businesses can create, commit, and manage agreements with solutions from the leading company in e-signature and agreement lifecycle management (CLM).
