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Fake texts. Fake jobs. Fraudulent social media accounts. Technology has increased the ways in which fraudsters can attack businesses and consumers.
“As fraudsters become more sophisticated and opportunistic, businesses need to proactively integrate the latest technology, data, and advanced analytics to mitigate the growing fraud risk,” says Kathleen Peters, chief innovation officer at Experian Decision Analytics in North America.
Experian’s 2023 Future of Fraud Forecast expects fraud to surge this year amid uncertain economic conditions. To combat against fraud losses, consumers and businesses can increase awareness by reviewing Experian’s top five fraud predictions for 2023:
Similarly, mule recruiting schemes occur when people accept remote jobs and unintentionally re-ship stolen goods or move fraudsters’ money through their personal bank accounts.
Experian predicts a new version of synthetic identity fraud, in which fraudsters use synthetic identities and stolen payment cards to create online shopper profiles, could result in major losses for retailers.
Looking back to last year’s predictions, Experian’s 2022 Future of Fraud Forecast identified these five threats: