Emerging Fraud Trends in 2024
Technology has advanced leaps and bounds over the last few years, providing opportunities for lenders to streamline and grow their businesses and reach more customers. However, it can have a more sinister side as criminals find ways to leverage innovative technology to deploy more sophisticated fraud schemes. The impact of these fraud attacks can be staggering. In fact, the FTC recently reported that consumers lost more than $10 billion to fraud in 2023. In order to combat growing threats, it’s crucial that lenders anticipate fraud trends and leverage data and analytics to identify and mitigate scams. Experian recently released five fraud predictions for 2024 to help businesses understand what they should expect this year and how to best prepare. Generative AI accelerates DIY fraud...