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The Cyber Attack Stakes Are High: What The 2022 Experian Data Breach Industry Forecast Tells Us

Published: January 6, 2022 by Michael Bruemmer

New Year, New Cyber Threats

This is my first blog post of 2022, and I’m afraid the news I’m here to bear isn’t ideal: cyber attack stakes are high. In 2022, hackers are literally betting on a growing market spreading online across the U.S. Before I get into our Data Breach Industry Forecast, let’s take a quick look back.

In 2021, we witnessed a sea of change in digital connectivity and activity during the pandemic. As vaccines became widely available and distributed, the recovery, on all fronts, felt close. But now, as new variants continue to develop and spread, it seems like we are in a one-step-forward, two-steps-back scenario—what the Ninth Annual Experian Data Breach Industry Forecast calls the “Cyberdemic Hangover.” As we aim for stability in 2022, companies must continue to secure weak technologies, and consumers must be vigilant in their daily digital lives.

The 2022 Data Breach Industry Forecast report tells the story of what we’re facing this year better than I can, so I encourage you todownload a copy. However, here’s a preview of one prediction to get you started.

Hackers Bet on New Gamblers

Again, cyber attack stakes are high. The online gambling market reached more than $70 billion globally in 2021. With more U.S. states legalizing online sports, cyber thieves will look to place scams, particularly phishing scams, on the likes of fantasy sports sites and more. The possible targets will add up over the course of the year as this market grows and alternative payments like cryptocurrency become more widely accepted.

Experian’s deep expertise in helping companies navigate more breaches over the last 18 years informs the other four predictions. To find out the other areas hackers are hoping to cash in on this year,download the predictionsnow.

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In today’s digital lending landscape, fraudsters are more sophisticated, coordinated, and relentless than ever. For companies like Terrace Finance — a specialty finance platform connecting over 5,000 merchants, consumers, and lenders — effectively staying ahead of these threats is a major competitive advantage. That is why Terrace Finance partnered with NeuroID, a part of Experian, to bring behavioral analytics into their fraud prevention strategy. It has given Terrace’s team a proactive, real-time defense that is transforming how they detect and respond to attacks — potentially stopping fraud before it ever reaches their lending partners. The challenge: Sophisticated fraud in a high-stakes ecosystem Terrace Finance operates in a complex environment, offering financing across a wide range of industries and credit profiles. With applications flowing in from countless channels, the risk of fraud is ever-present. A single fraudulent transaction can damage lender relationships or even cut off financing access for entire merchant groups. According to CEO Andy Hopkins, protecting its partners is a top priority for Terrace:“We know that each individual fraud attack can be very costly for merchants, and some merchants will get shut off from their lending partners because fraud was let through ... It is necessary in this business to keep fraud at a tolerable level, with the ultimate goal to eliminate it entirely.” Prior to NeuroID, Terrace was confident in its ability to validate submitted data. But with concerns about GenAI-powered fraud growing, including the threat of next-generation fraud bots, Terrace sought out a solution that could provide visibility into how data was being entered and detect risk before applications are submitted. The solution: Behavioral analytics from NeuroID via Experian After integrating NeuroID through Experian’s orchestration platform, Terrace gained access to real-time behavioral signals that detected fraud before data was even submitted. Just hours after Terrace turned NeuroID on, behavioral signals revealed a major attack in progress — NeuroID enabled Terrace to respond faster than ever and reduce risk immediately. “Going live was my most nerve-wracking day. We knew we would see data that we have never seen before and sure enough, we were right in the middle of an attack,” Hopkins said. “We thought the fraud was a little more generic and a little more spread out. What we found was much more coordinated activities, but this also meant we could bring more surgical solutions to the problem instead of broad strokes.” Terrace has seen significant results with NeuroID in place, including: Together, NeuroID and Experian enabled Terrace to build a layered, intelligent fraud defense that adapts in real time. A partnership built on innovation Terrace Finance’s success is a testament to what is  possible when forward-thinking companies partner with innovative technology providers. With Experian’s fraud analytics and NeuroID’s behavioral intelligence, they have built a fraud prevention strategy that is proactive, precise, and scalable. And they are not stopping there. Terrace is now working with Experian to explore additional tools and insights across the ecosystem, continuing to refine their fraud defenses and deliver the best possible experience for genuine users. “We use the analogy of a stream,” Hopkins explained. “Rocks block the flow, and as you remove them, it flows better. But that means smaller rocks are now exposed. We can repeat these improvements until the water flows smoothly.” Learn more about Terrace Finance and NeuroID Want more of the story? Read the full case study to explore how behavioral analytics provided immediate and long-term value to Terrace Finance’s innovative fraud prevention strategy. Read case study

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