Optimizing Your Fraud Investment in 2024
2023 Fraud Trends From the Experts
With a new year comes new challenges to overcome, and the fraud world is no different. For this reason, we at Identiq have composed an eBook that delves into the most pressing issues facing fraud fighters in 2023. Like many fraud prediction articles published in the new year, we could have written this eBook internally, using our own in-house fraud prevention experts only. Instead, we took a leaf out of our own book, if you don’t mind the pun :)
Identiq’s key focus is on the collaboration of knowledge and of joining forces, so we used this opportunity to reach out to the biggest brains in the business. The contributors to the 2023 Fraud Trends From the Experts are thought leaders and giants in the industry, whose experience and knowledge on fraud have been pooled together to create this eBook.
One key takeaway, and a common theme throughout, is the role that Artificial Intelligence will play in fraud this year. Elena Michaeli, Fraud and Deceit Fighter, and Uri Arad, VP Product and Co-Founder at Identiq, both comment on how Artificial Intelligence will contribute to the amount of fraud we see this year, albeit in different ways. Michaeli says that “the presence of AI has allowed for fraudsters to rapidly adapt to countermeasures put in place by organizations to thwart their efforts,” whilst Arad informs us that with the help of AI, “fraudulent bot attacks will seem more human-like.”
Identity theft is another major concern for 2023. Alexander Hall, a former fraudster turned consultant, warns “the manipulation and deployment of compromised identity information” is what fraud teams should prepare themselves for this year. Hall then goes on to list the elements of which have created the perfect environment for identity theft to flourish in.
Jordan Harris, part of the fraud prevention team at iHerb, discusses how promo and policy abuse will change in 2023. Harris notes “It’s something that we’ve been aware of in the past few years due to the economic uncertainty brought about by the pandemic, and we definitely haven’t seen the last of it.” Promo abuse cases will most likely end up being dealt with by fraud teams regardless of the fact that it is seldom carried out by criminals or professional fraudsters. Identiq ran not one but two separate roundtables with the sole purpose of discussing promo abuse as it was by far the most prevalent issue amongst fraud fighters.
Our very own Co-Founder and CEO, Itay Levy, wraps up the eBook by sharing how the increased prioritization of online privacy is both a blessing and a curse. Levy comments that “while the spread of privacy throughout the US will definitely help solve many issues… technologies which are meant to increase privacy can actually help the fraudsters more than anyone”. Identiq’s CEO then goes on to explain the ways in which fraudsters are able to take advantage of data proliferation and ends with a caveat for those in the industry.
You can download your complimentary copy of our eBook here.
We’d like to thank all the experts that contributed to the creation of this eBook for their time and considerable knowledge. We believe their insights help elevate the entire industry.
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