Given the current economic and pandemic state, unfortunately, financial fraud will continue to thrive well into 2022 and beyond with fraudsters anticipated to exploit consumers across all digital channels.
As financial institutions and consumers strengthen their efforts to fight back, it can be expected that there will be a slew of increased legislation and regulatory oversight and repercussions for offenders. Unfortunately, regulations and large fines may not be enough to combat the fraudster’s ambitious efforts; businesses must take matters into their own hands and update their fraud monitoring and prevention proficiencies to protect both themselves and their customers.
There have been a variety of scams circling the waters of 2021, among them included:
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