Experian Releases 2024 Future of Fraud Forecast
13 Febrero 2024 - 8:00AM
Business Wire
The annual forecast predicts five emerging
fraud risks for businesses and consumers
Experian® today released its 2024 Future of Fraud Forecast,
which identifies five fraud threats consumers and businesses should
be cautious of this year. Today’s fraudsters are sophisticated and
will deploy the latest technology, such as generative artificial
intelligence, to dupe consumers and businesses.
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Experian's 2024 Future of Fraud Forecast
(Graphic: Business Wire)
According to an Experian report, nearly 70% of businesses report
that fraud losses have increased in recent years and over half of
consumers feel they’re more of a fraud target than a year ago. To
thwart fraudulent activity in 2024, businesses need to deploy more
sophisticated fraud protection solutions that harness the power of
data and technology to mitigate risk and protect consumers.
Experian suggests consumers and businesses watch out for these
five fraud threats in 2024:
- Generative AI accelerates DIY
fraud: The explosive popularity of generative AI has
brought many benefits, but it’s also made fraud more accessible.
Experian predicts fraudsters will use generative AI to accelerate
“do-it-yourself” fraud with a wide range of deepfake content, such
as emails, voice and video as well as code creation to set up scam
websites and perpetuate online attacks. Fraudsters may also use
generative AI to socially engineer “proof of life” schemes. Using
stolen identities, fraudsters will leverage generative AI to create
fake identities on social media. They can then interact online with
these new profiles that look like a real consumer. This could
dramatically increase the number of fraud attacks. To safeguard
customers, companies will likely have to utilize multilayered fraud
prevention solutions that “fight AI with AI.”
- Branches are cool again:
Although there’s been a substantial migration to digital lending
experiences, many consumers are heading in-person to bank branches
to open new accounts or get financial advice. Consumers are doing
this as they want to feel safer and think they’re avoiding online
security risks by being in-person. When it comes to verifying
identities at the branch, there can be human error or oversight
that can happen in-person. According to an Experian report, 85% of
consumers report physical biometrics as the most trusted and secure
authentication method they’ve recently encountered, but the measure
is only currently used by 32% of businesses to detect and protect
against fraud. Experian forecasts that lenders will introduce more
digital identity verification steps, such as physical biometrics,
at branches for in-person account openings to protect legitimate
customers and mitigate losses.
- Retailers hit with empty
returns: With a rise in online shopping, fraudsters have
found creative ways to scam some retailers and small businesses.
The customer says they’re returning their purchased item but when
the business receives the box, it’s empty. The customer then says
they returned the product and it must have gotten lost in the mail.
Experian predicts that more criminals will use this method to keep
merchandise in 2024, leaving businesses with lost goods and
revenue.
- Synthetic identity fraud will
surge: During the pandemic, many fraudsters created
synthetic identities but then quickly found easier methods to steal
funds through various aid programs. Though they may have been
dormant, these synthetic identities now have a few years of
history. Experian predicts this will make it easier to elude
detection — leading to fraudsters using those dormant accounts to
“bust out” and steal funds over the next year. Businesses will need
to collaborate more closely than ever with their fraud-prevention
partners to review their current portfolios for synthetic identity
accounts.
- Fraudsters expand into cause-related
and investment deception: From fake GoFundMe campaigns,
social media giveaways, investment opportunities and text fraud,
fraudsters are employing new methods that strike an emotional
response from consumers with cause-related asks or
too-good-to-be-real offers to gain access to consumers’ vital,
personal information. Experian predicts that these deceptive
cause-related methods will surge in 2024 and beyond. To avoid
becoming victims, consumers will have to be extremely cautious and
confirm these opportunities, charities or texts are from the
intended party before interacting with them.
“The speed and complexity of fraud attacks due to new technology
and sophisticated fraudsters is leaving both businesses and
consumers at risk in 2024,” said Kathleen Peters, chief innovation
officer at Experian Decision Analytics in North America. “At
Experian, we’re constantly innovating to deliver data-driven
solutions to help our customers fight fraud and to protect the
consumers they serve. Now more than ever, businesses need to
implement a multilayered approach to their identity verification
and fraud prevention strategies that leverages the latest
technology available.”
Last year, Experian estimates that its fraud prevention
solutions helped clients save more than $12 billion in fraud losses
globally. Experian’s CrossCore® helps clients verify identities,
detect and prevent fraud, and meet regulatory requirements using
real-time risk analytics and decision-making strategies. Precise
ID® provides real-time identity verification and the ability to
identify and treat specific fraud risks, including identity theft,
synthetic identity and first-party fraud. Most Precise ID clients
see a substantial lift in fraud detection performance compared to
their legacy systems.
To learn more about Experian’s fraud prevention solutions,
please visit
https://www.experian.com/business/solutions/fraud-management.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments — from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers — we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximize every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian trademarks used herein are trademarks
or registered trademarks of Experian and its affiliates. Other
product and company names mentioned herein are the property of
their respective owners.
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Annie Russell Experian 1 949 683 5243
annie.russell@experian.com
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