Identity fraud continues to pose the biggest threat to credit card applications, with 56% of fraudulent applications being identified as identity fraud, even though the overall rate of credit card fraud reduced by 13.5% in Q2 2022, and in-person banking has returned.
Read more: If your firm lost $1 to fraud, the actual cost would be almost $4
When compared to Q2 2021, the auto industry fraud rate decreased by 16.6% in Q2 2022, while the number of applications decreased by 3.9%. First-party fraud accounts for over 90% of car fraud, although identity theft is also becoming more prevalent in auto applications.
After the government’s pandemic support programs were discontinued, there were significant changes in banking and deposit fraud. Comparing Q2 2022 to Q2 2021, the number of applications increased by 28.2%, and fraud rates decreased by 16.6%.
In Q2 2022 compared to Q2 2021, the telecom industry’s fraud rate decreased by 3.2%, but the total number of applications rose by 25.7%. With a high in Q2 2022 for fraud that takes place to assist the acquisition of hardware, fraud trends in this area are reverting to patterns observed in 2019.
