Risky Business
Global Companies Battle Fraud, Compliance
and Digital Access Across Borders
22%
$12,000
Of Adults Will Fall
Victim to Account
Takeover Attacks
Average Loss Per Incident
Fraud
Cybercriminals are clever and ambitious, perpetrating
increasing amounts of fraud. In the U.S., it’s estimated
that 22% of adults will fall victim to account takeover
attacks, with an average loss of $12,000 per incident.
Globally, money laundering is estimated at 2% to 5% of
the global GDP.
Regulatory Compliance
Concerned lawmakers are cracking down on fraud,
money laundering and identity theft through increased
regulations, including Anti-Money Laundering (AML)
and Know Your Customer (KYC) requirements.
Making sense of the dozens, or even hundreds, of
regulations is a challenge, as is ensuring compliance.
The concept of regtech is still fairly new in the
grand scheme of technological developments. Still,
it’s expected to make up more than 50% of global
regulatory compliance budgets and triple to $204
billion in spending by 2026.
Digital Access
Many of the world’s population struggles with
accessibility to core digital services. Approximately 1.7
billion people worldwide don’t have access to financial
services, and those with access in emerging markets
usually pay high fees for a limited product selection.
Even consumers in established economies lack
access. It’s estimated that 14.1% of U.S. households
were “underbanked” in 2021 and underserved
households would spend the equivalent of 9.5% of their
income annually on interest and fees.
Without the ability to establish trust online, companies
face significant barriers to expanding their business in
the digital economy — especially on a global scale.
These challenges include preventing fraud, complying
with a patchwork of regulations and ensuring digital
access to customers worldwide.
03
Trulioo — White Paper