Tech Adoption and
Crime Drive Continued
Regulator Interest
The U.S. Federal Trade Commission
reported a 70% increase in fraud
losses from 2020 to 2021.
Financial app installs surged between
2020 and 2022, with consumers
increasingly turning to digital options for
financial services.
While that’s mostly good news for financial businesses,
adoption has correlated with increases in fraudsters
trying to exploit new vulnerabilities in infrastructure
and take advantage of less experienced digital
financial services users.
Fraud incidences and costs have grown significantly.
The U.S. Federal Trade Commission reported a 70%
increase in fraud losses from 2020 to 2021. Cifas, a
nonprofit fraud prevention service in the U.K., reported
a 22% increase in identity fraud cases during that
same period.
As financial criminals become more sophisticated and
introduce new attack vectors, governments will likely
strengthen regulations and oversight wherever people
move money.
70%
Regulatory Spotlight:
Wealth Management
In the U.S., firms are required to identify and
verify the identity of beneficial owners of
customers, meaning wealth management
companies must identify those who
ultimately own an account opened in the
name of a trust, business or other legal entity.
That can be especially difficult for complex
or offshore ownership structures.
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Trulioo — White Paper