As technology continues to advance, so do the methods used by fraudsters to commit financial crimes. In order to stay ahead of these criminals, it is important for businesses and individuals to understand the predicted fraud trends for the future. Ryta Zasiekina, a fraud prevention expert, has provided insights into what we can expect in terms of fraud trends in 2023.
One of the biggest predicted trends is the increase in synthetic identity fraud. This type of fraud involves creating a fake identity using a combination of real and fake information. With the rise of social media and the amount of personal information available online, it has become easier for fraudsters to create these synthetic identities. Zasiekina predicts that by 2023, synthetic identity fraud will account for 80% of all identity fraud cases.
Another trend that is expected to increase is account takeover fraud. This occurs when a fraudster gains access to a legitimate account and uses it for fraudulent purposes. With the increase in data breaches and the amount of personal information available on the dark web, it has become easier for fraudsters to gain access to accounts. Zasiekina predicts that by 2023, account takeover fraud will increase by 50%.
Mobile payment fraud is also expected to increase in the coming years. With the rise of mobile payments and the use of mobile devices for financial transactions, fraudsters have found new ways to commit fraud. Zasiekina predicts that by 2023, mobile payment fraud will increase by 75%.
In addition to these trends, Zasiekina also predicts an increase in phishing scams, ransomware attacks, and insider fraud. Phishing scams involve tricking individuals into providing personal information or clicking on malicious links. Ransomware attacks involve infecting a computer system with malware and demanding payment in exchange for restoring access. Insider fraud involves employees or trusted individuals committing fraudulent activities within an organization.
To protect against these predicted fraud trends, businesses and individuals should take proactive measures. This includes regularly monitoring accounts for suspicious activity, using strong passwords and two-factor authentication, and being cautious when providing personal information online. It is also important to stay informed about the latest fraud trends and to educate employees and customers about how to protect against fraud.
In conclusion, the predicted fraud trends for 2023 provide valuable insights into the future of financial crime. By understanding these trends and taking proactive measures to protect against them, businesses and individuals can stay ahead of the criminals and keep their finances secure.
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