Veriff: 72% of US Firms Face Rising Online Fraud

Online fraud continues to affect businesses across the United States, with 72% of firms reporting increased attacks in the past year, according to new research from Veriff, an identity verification provider.

The US Fraud Industry Pulse Survey 2025, which gathered input from 200 fraud specialists and decision-makers across finance, technology and ecommerce, reveals an industry mobilising technological solutions to combat a growing threat landscape.

The findings align with Veriff's Identity Fraud Report 2025, which identified a 21% year-on-year increase in online fraud activity, painting a concerning picture for organisations conducting business online.

Financial Impact

The financial consequences of these attacks are substantial, with 75.5% of surveyed businesses confirming revenue losses due to fraud. 

Nearly a third (32%) report reductions of 3-5%, while 13.5% face more severe impacts of 10-20% - a marked increase from last year when just 1% of respondents cited losses exceeding 9%.

For a business with US$1m in revenue, a 5% reduction represents US$50,000 lost annually to fraudulent activity, highlighting the material impact on corporate performance.

The types of fraud encountered remain diverse, with malware (46%), impersonation fraud (44%), authorised fraud (41%) and document fraud (38%) representing the most common threats.

Additional vectors including account takeover (21%), third-party coercion (17%) and multi-accounting (14%) demonstrate the multifaceted nature of the challenge.

AI: Dual-Purpose Technology

Artificial intelligence has emerged as both threat and solution in the fraud landscape. 

A significant 60.5% of organisations have observed increases in AI-powered attacks over the past year, building upon an already substantial base from previous periods.

However, businesses are leveraging the same technology to strengthen defences, with 64% already utilising AI or machine learning in their fraud prevention capabilities and a further 20% planning implementation within the next 12 months.

US organisations employ AI across multiple functions: 51.5% use it to identify fraud patterns and risk factors, 43% to automate customer verification, 38% to accelerate identification of sophisticated attempts and 32.5% to analyse customer behaviour patterns for anomaly detection.

“Just as the fraudsters are happy to use AI, it's clear that businesses can also deploy the technology to build their defences,” says Iryna Bondar, Senior Fraud Group Manager at Veriff. 

“This is a very encouraging trend and mirrors what we see in our customer interactions.”

Customer Expectations and Industry Response

Consumer expectations regarding security continue to shape industry responses, with 71.5% of respondents reporting increased customer demand for robust fraud prevention. 

This customer-driven pressure represents both challenge and opportunity for organisations investing in security infrastructure.

The survey indicates widespread adoption of identity verification (IDV) software and biometrics, with 83% of respondents having integrated these technologies into their risk-based authentication systems. 

Additionally, 81% plan to increase their reliance on such solutions over the coming year.

These technologies are proving effective, with 74.5% of respondents confirming that AI-powered systems have successfully prevented fraudulent verification attempts.

Brendan Fuller, Chief Risk Officer at Webull, a leading online brokerage platform, confirms the value of such partnerships: “Providing our users with a safe and secure platform has always been a top priority at Webull, and Veriff has helped us to do so. 

“Compared to previous partners, Veriff has been able to support us in identifying fraudulent activity accurately and effectively – even as platform user numbers climbed.”

The challenge of maintaining effective defences against evolving fraud techniques remains significant, with 75% of respondents citing this as their primary concern. 

Additional challenges include cost (49.5%), customer experience balance (40%) and integration complexity (38%).

Looking forward, the industry outlook remains cautious, with 90% of US respondents anticipating further increases in online fraud through 2025. 

Despite this expectation, only 31.5% express complete confidence in their preparedness, while 13.5% acknowledge being underprepared for potential attacks.

“The shifting nature of the fraud threat is clearly top of mind for businesses,” says Iryna. “This makes sense and is something we are hearing from our customer base too. The only way to stay ahead of this threat is to have a flexible and adaptive approach to fraud prevention and to have the full range of tools available. 

“We talk often about the need to create a fraud-prevention ecosystem and this is exactly the reason why.”

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