Ping Identity’s infographic highlights how rising digital interactions and remote onboarding have increased fraud risks, making identity verification essential. In 2020, 64% of new checking accounts were opened online, while UK fraud rose 33% during the pandemic. Identity theft from fake mobile and credit accounts now represents nearly 54% of cases, costing U.S. businesses $16.9 billion in 2019. Complex onboarding causes 40% of consumers to abandon account creation. Fraud victims suffer real impacts—84% report sleep issues, 77% experience stress, and 63% struggle with focus. By 2022, 80% of organizations are expected to use document-centric identity proofing for secure onboarding.

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