Report
Experian’s 2024 U.S. Identity and Fraud Report
NeuroID is a part of Experian
Navigating Experience, Security, and the Future of Identity
Experian surveyed more than 2,000 U.S. consumers and 200 U.S. businesses for their 2024 U.S. Identity and Fraud Report. The result is a detailed look at the challenges facing today’s fraud and risk teams and deep industry insights into how fintechs, big banks, lenders, and other digital businesses of all shapes and sizes are approaching the next frontier of fraud prevention.
This report breaks down 2024 trends, including data behind:
- Record Fraud Losses: U.S. consumers reported over $10 billion in fraud losses in 2023, a 14% increase from the previous year, with identity theft and account takeover among the top threats.
- Generative AI Opportunity and Risk: While GenAI enhances efficiency, its misuse is a growing concern, ranking as the second-highest operational stressor for businesses in 2024.
- Consumer Trust in Decline: Trust in businesses dropped by 10–20% across industries, with only 33% of consumers expressing strong trust in companies that excel in identity verification.
- Actionable Insights on Fraud Prevention: Building trust through transparent and secure practices is more critical than ever. The report breaks down how businesses leveraging multi-faceted fraud prevention strategies, including AI models and real-time analytics, are better equipped to reduce fraud incidents while maintaining a positive customer experience.