T
he phrase "It's not personal; it's strictly business" echoes through the world of digital fraud and identity theft. Sophisticated criminals view these crimes as a lucrative business opportunity, seeking a return on investment.

    Intellicheck CEO Bryan Lewis notes that these aren't amateurish attempts at deception, but rather calculated moves by experienced scammers who know where to find vulnerabilities. The sheer volume of hacked credentials, Social Security numbers, and fake IDs provides ample fodder for their schemes.

    In the first half of 2024, an estimated 1.1 billion people fell victim to data breaches, a staggering 490% increase from the same period in 2023. As a result, fraud has become increasingly prevalent across various industries, including retail, healthcare, and real estate.

    Real estate fraud involves using fake information to mislead buyers, sellers, lenders, or title insurers for financial gain. The FBI reported over $390 million in losses due to real estate fraud in 2022, with one title insurance firm estimating an average loss of $500,000 per transaction.

    Fraudsters continue to exploit digital vulnerabilities, and Lewis warns that even as the economy remains resilient, fraud rates will rise. They target areas like Texas, California, and Florida, where markets are hot, and often prey on vulnerable individuals such as the elderly or non-residents.

    To combat this, Intellicheck focuses on verifying the authenticity of government-issued IDs, which remain a crucial aspect of everyday transactions. Four of the top five title companies in the US use their technology to stop thousands of potential fraud attempts daily.

    Looking ahead, Lewis is exploring ways to share data more widely, enabling companies and consumers to detect when someone has attempted to misuse their credentials. He emphasizes that relying on outdated knowledge-based authentication methods will only leave businesses vulnerable to these sophisticated scams.