Online Fraud: The real 21st century threat to digital business


Companies in our country have known how to adapt to the new needs of society and the preferences of consumers, who are increasingly interested in the speed and convenience of online transactions, incorporating the advantages of the digital transformation into their daily lives. Adapt or die. In fact, over the last decade, e-commerce has grown by 700% in Spain, which by 2019 had generated more than 40 000 million euros in this way.

The adoption of new technologies necessary for the existence of these digital businesses brings with it a large number of threats to information security, putting at risk not only the growth and sustainability of its economy, but also its reputation. Attackers are aware of the latest technological advances, they are active, innovative and fast. And this innovation in the use of applications for car rental, online banking or purchases through tablets and mobile phones, forces companies to innovate in cybersecurity to face the development of new threats.

For this reason, in order to improve the confidence of customers, partners and shareholders, and to guarantee their security, entrepreneurs have already begun to adapt the technology on a massive scale. In fact, according to data from the INE, by 2019, 92.8% of Spanish companies will have used some form of ICT security measure. The most effective tools? Those that are the result of the combination of different technologies that make it possible to guarantee user security.


Fraud and identity theft, the great enemies of the digital age

During the current health crisis, cybercriminals have intensified their efforts to carry out new (and increasingly sophisticated) attacks on corporate information security. Phishing and fraud are the main threats. Since Spain declared the state of alarm, and during the ensuing confinement, cyberattacks have increased by almost 70%. There is no end to the lack of empathy and scruples of the network’s attacks. In fact, during those weeks the National Police counted more than 11 000 domains and websites directly related to the Covid19 with the aim of committing computer fraud among users.

But what is the real risk of online fraud? An oversight on Internet can lead to the appearance of a computer virus, but also (and even more worrying) to attacks on the impersonation of our clients and modifications in the data of any type of identity document or other files such as payslips, invoices, receipts, etc.

Due to the current health situation, in which adaptation has played a fundamental role, many companies have been forced to continue their activity under the telework modality. At a time when we do not know what the mobility of people will be like, we need tools that guarantee the prevention of fraud in digital onboarding processes and compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations.


Technology, the best ally

How do we get an extra level of security? How do we ensure that our clients are who they say they are and not cybercriminals looking to impersonate them? The answer is that guarantees of absolute control do not exist, but forensic analysis tools are the best option in the online environment.

Ease of use, speed and guarantees are the keys to maximising security in digital onboarding processes. The solutions for assessing the authenticity of digital documents with which to prevent fraud are the most reliable and secure technological tools. Valida by Gradiant acts in the detection of document falsification. Based on artificial intelligence, Valida by Gradiant automatically detects digital falsifications in all types of identity documents and nationalities: passports, national identity documents, driving licences, etc. without the need for adaptation or specific training. Valida does not need to have the original document to detect modifications, and supports images and PDF files.

When the ecosystem puts us to the test, being able to redirect our business and invest in cybersecurity are the key points that will allow us to resist the economic crisis and come out of it with a stronger reputation than ever.