Nowadays, crimes do not only happen in the physical world but also through online or in the web. For individuals, we have probably heard the term “cyberbullying” which have already cost a countless number of lives lost through depression & suicide due to the lack of support or coping mechanisms. While for businesses or other establishments, we have the existence of ransomware which is malicious software designed to block access to a computer system until a generous amount of money is paid. 

In fact, here are a number of alarming statistics that can help us see the prevalence of ransomware: 

•  More than 4,000 ransomware attacks have occurred every day since the beginning of 2016. That's a 300% increase over 2015, where 1,000 ransomware attacks were seen per day. <Computer Crime and Intellectual Property Section (CCIPS)> 
• 92% of surveyed IT firms reported attacks on their clients <Source: Datto via The Atlantic> 
• Healthcare and Financial Services were the hardest hit. <Source: Osterman Research via Malwarebytes> 
• 70% of businesses paid the ransom. <Source: IBM via CNBC> 

Existing and growing numbers of fake users online are not something new to us. Who knows, we may have come across with them at one time or another. However, only a few people may realize just how malicious & damaging these fake users can be for businesses. More than being a nuisance, fake users are really causing businesses to lose millions of dollars & the problem grows even more. 

Let’s unveil this epidemic on how fraud is affecting businesses and their users. Surprisingly, 82% of businesses struggle with fake users. These fake users are actually wreaking havoc on brand reputations and real users on a daily basis. 

We further found that the key reason behind this growing concern is that businesses are prioritizing convenience over security during the registration process for accounts. 47% even admit to knowingly allow fake users into their platform just to not add friction to the registration process. As a result, their user base is declining in value by as much as 47% - with the average user base valued at $117 million, this means a loss of as much as $55 million! 

But wait, there’s still hope, existing new products like FONE API’s two-factor verification system empowers businesses to add security to the account registration process without having to sacrifice convenience. Fake user threats can one day be a thing of the past. By eliminating fake registrations, not only can your company save on repair costs of up to $14 million in large companies, they may likewise increase the value of their user base by up to 44%, or $52 million. 

To explore further and learn more on how to prevent fake users from destroying your brand, visit our site at foneapi.com for more insightful articles or leave your comments below & we’ll get back to you as soon as we can for further details.