3 fraud predictions for 2023
As we turn the page on 2022, losses from fraud remain a significant threat for credit unions, their members and businesses.
Consider that U.S. consumers lost a record $3.56 billion to online fraud in the first half of 2022 only. And credit card fraud is projected to increase at a 6.2% compounded annual growth rate through 2024.
In our recent conversations with industry experts, Co-op’s payment network partners, and credit union professionals, three fraud trends rose to the top. These trends inform Co-op’s top 3 fraud predictions for 2023:
1. All Digital, All the Time
According to Juniper Research, global e-commerce fraud loss is projected to reach over $41 billion by the end of 2022, more than doubling the $20 billion posted in 2021.
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