Businesses make advances in the fight against fraud, and then a billion new personal identity records get stolen, adding more fuel to the fire. This happened in 2018, according to Threatmatrix, and it signals continuing peril ahead.
One fallout of these large breaches is rising synthetic identity, but that’s just scratching the surface. Fraud is shifting online and to mobile, mirroring where consumers are shopping and how they are connecting. As bankers employ artificial intelligence for defense, fraudsters use AI to create smarter attack bots. Social engineering attacks defraud thousands of consumers who move their money into fraudsters’ accounts for “safe keeping.” And, an increasing number of contact points through the Internet of Things and social media paves the way for fraudsters to further game your members.
Protecting your members and reducing your risk requires executing a sound fraud-fighting strategy, starting with a holistic playbook. These five tactics represent key building blocks in creating a successful playbook.
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