Difficulties with identity verification reported by 97% of organizations

Ping Identity released a report on the state of identity fraud, surveying 700 IT decision-makers worldwide between February and March of 2024. The report revealed that 97% of organizations are facing challenges with identity verification. Nearly half of the respondents (49%) admitted that the fraud prevention strategies in their organization are not working effectively, indicating a lack of proper protection against identity fraud. Only 45% of those surveyed use two-factor or multi-factor identification verification, and just 44% utilize biometrics to combat fraud.

The report underscores a significant concern among the respondents regarding defending against artificial intelligence (AI) threats. Key findings related to AI include:

• 54% of respondents believe AI will contribute to an increase in identity fraud.
• 41% anticipate that malicious actors will leverage AI to intensify identity threats in the coming year.
• 52% feel confident in their ability to detect a deepfake of their CEO.
• 48% lack confidence in their organization’s defenses against AI attacks.

Additionally, the report highlighted the underutilization of decentralized identity (DCI) as a tool for identity protection. While 38% of respondents stated that their organization has a strategy involving DCI to safeguard employees and customers against fraud, accessibility and integration issues were identified as obstacles by 60% and 52% of respondents, respectively.