A new front line in the global fight against payment fraud

As global scam losses climb beyond $400bn annually, payment fraud is evolving faster than the controls designed to stop it.

A new front line against payment fraud

Against this backdrop, Scamnetic is repositioning its patented IDeveryone technology as a real-time identity-proofing solution for payment recipients — a move that reflects how fraud risk is shifting from accounts to people.

The launch of IDeveryone Payment Protection comes at a moment of acute pressure for banks, fintechs and corporates.

According to Global Anti-Scam Alliance, global scam losses reached an estimated $442bn in the year to March 2024, with nearly one in four adults worldwide losing money despite widespread confidence in their ability to spot fraud.

Beyond Confirmation of Payee

Traditional defences such as Confirmation of Payee focus on matching names to destination accounts.

Scamnetic argues this is no longer sufficient in an era defined by social engineering, deepfakes and impersonation.

Instead, IDeveryone verifies the identity of the actual recipient — the individual or business receiving funds — rather than simply validating account details.

The system operates across virtually all payment types, including push payments, wires, ACH transfers, cheques, card-based digital payments and cryptocurrency transactions.

Crucially, recipients do not need to be Scamnetic customers. Identity verification is delivered via secure email or SMS, allowing both parties to confirm legitimacy without exposing sensitive personal data.

AI, Deepfakes and the Escalation of Risk

The scale of the challenge is stark. A 2025 survey by the Association for Financial Professionals found that 79% of US organisations experienced payment fraud attempts in 2024, with business email compromise remaining the most prevalent attack vector.

Meanwhile, industry research suggests deepfake-enabled fraud attempts now occur every few minutes, with attack volumes growing at triple-digit rates year on year.

These trends help explain why scams involving bank transfers and cryptocurrency now account for greater losses than all other payment methods combined.

Recent law enforcement actions — including a €600m crypto investment fraud case involving Europol and Spain’s Guardia Civil — underline the industrial scale of modern fraud operations.

Shifting Liability and Restoring Trust

A distinctive feature of IDeveryone is the option to insure verified transactions, potentially reducing institutional liability while increasing user confidence.

For payment providers facing rising reimbursement obligations and regulatory scrutiny, this combination of identity assurance and risk transfer is strategically significant.

For Scamnetic, the ambition extends beyond prevention alone. By collecting structured, real-time data on scam typologies and recipient behaviour, the firm aims to build one of the most comprehensive datasets in the fraud prevention landscape.

As payment systems become faster and more irreversible, the industry’s weakest point is no longer settlement speed but certainty. Identity-proofing recipients in real time may prove to be one of the few controls capable of keeping pace with the next generation of fraud.