A new report reveals a troubling disparity between European businesses confidence in their fraud defenses and the growing prevalence of identity-related attacks, according to Biometric Update.
Conducted by Signicat and Red Goat Cyber Security, the survey of over 900 fraud leaders across nine countries found that companies estimate up to 20% of their transactions are fraudulent, with identity fraud and prevention costs consuming 22% of annual revenue. Despite these high figures, 74% of respondents believe they are effectively combating fraud, though nearly half admit they do not track or measure fraud consistently. The report, The Battle in the Dark 2025, warns that confidence may be misplaced, as fraud attempts have risen by 88% in four years. ID document fraud remains widespread, particularly in banking, while account takeover and synthetic ID fraud are also on the rise. Lisa Forte of Red Goat warns, Confidence is a dangerous attitude to have in cybersecurity, especially when fraud is happening in real-time against the very firms that feel secure.
Conducted by Signicat and Red Goat Cyber Security, the survey of over 900 fraud leaders across nine countries found that companies estimate up to 20% of their transactions are fraudulent, with identity fraud and prevention costs consuming 22% of annual revenue. Despite these high figures, 74% of respondents believe they are effectively combating fraud, though nearly half admit they do not track or measure fraud consistently. The report, The Battle in the Dark 2025, warns that confidence may be misplaced, as fraud attempts have risen by 88% in four years. ID document fraud remains widespread, particularly in banking, while account takeover and synthetic ID fraud are also on the rise. Lisa Forte of Red Goat warns, Confidence is a dangerous attitude to have in cybersecurity, especially when fraud is happening in real-time against the very firms that feel secure.
