If you’re thinking fraudsters will turn over a new leaf and resolve to behave themselves in 2023, it’s time for a wake-up call, because fraudsters never change their stripes, just their tactics.
As we enter a new year, Andy Renshaw, Senior Vice President, Product Management at Feedzai – the market leader in fighting financial crime with AI – offers his top five fraud predictions for 2023:
1. Economic uncertainty combined with faster payments systems will result in more scams
As old and reliable fraud tactics like account takeover (ATO) attacks have become harder to pull off, fraudsters are increasingly turning to scams and they currently have two distinct advantages working in their favour – economic uncertainty and the rise of faster payment systems.
When people are uncertain or desperate about their financial lives, they are more likely to fall for scams. This includes fake job offers, unemployment fraud, or even romance scams. In other words, scams evolve quickly to reflect the current environment. Scammers are also becoming more sophisticated and know how to adjust their tactics (e.g., phishing, vishing, etc.) to be as effective as possible. Combine this with the ability – through the rise of faster payment schemes in new global markets (the US, Canada) – to move money with a few taps of the screen, and you have a perfect storm.
2. Desperate times will push people to commit fraud
Every economic downturn, we see a rise in first-party…
