As digital transactions continue to dominate the global marketplace, the social distancing strategy used by governments around the world in response to the pandemic has pushed an even greater number of consumers to engage with online interactions. This current landscape provides fraudsters with ample opportunities to interfere with a business.
Fraud is constantly evolving and organizations continue to contend with the countless ways highly professionalized fraud networks work to scam businesses out of money or other assets.
LexisNexis® Risk Solutions has listed out the top 7 trends which are shaping the Fraud and Identity landscape in 2023. The trends, listed below, highlight which market developments and fraud challenges are most likely going to impact a businesses’ operational budget, customer experience, and its fraud plans in the year ahead.
- Expanding digital economies are creating exponential opportunities for fraud
- Complex global marketplaces and interconnected threat vectors require a collective response
- Complex mass and targeted social engineering schemes spread across multiple geographies and industries
- The migration to mobile transactions and a digital payments paradigm are challenging trust recognition and risk management
- Finding the right risk-to-friction balance is mandatory as companies aim to protect consumers without disrupting their experience
- Increased global connectivity leads fraud networks to expand the complexity of fraud schemes
- Multi-dimensional consumer identities require a more dynamic response at every step of the journey
Remember, fraudsters are always looking to conduct new forms of fraud; businesses need to be prepared to mitigate their risks!
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Source: LexisNexis Risk Solutions
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