Earlier this year, we shared our predictions for five fraud threats facing businesses in 2021. Now that we’ve reached the midpoint of the year and economic recovery is underway, we’re taking another look at how these threats can impact businesses and consumers.
- Putting a Face to Frankenstein IDs: Synthetic identity fraudsters will attempt to bypass fraud detection methods by using AI to combine facial characteristics from different people to form a new identity.
- Overexposure: As many as 80% of SSNs may have been exposed on the dark web, creating opportunities for account application fraud.
- The Heist: Surges in data breaches, advances in automation, expanded online banking services and vulnerabilities exposed from social engineering mistakes have lead to rises in account takeover fraud.
- Overstimulated: Opportunistic fraudsters may take advantage of ongoing relief payments by using stolen data from consumers.
- Behind the Times: Businesses with lackluster fraud prevention tools and insufficient online security technology will likely experience more attacks and suffer larger losses.