As 2024 draws to a close, businesses face an increasingly hostile environment in the battle against fraud. Driven by rapid technological advancement and evolving regulatory landscapes, organisations seek new ways to prevent and detect highly sophisticated attacks. Experian’s 2024 Global Fraud Reportoffers a deep dive into the current state of fraud, revealing critical insights and strategies businesses must adopt to stay ahead of fraudsters. 

Why security and customer experience are still in conflict

In today’s digital age, businesses face the daunting task of balancing robust fraud prevention with a seamless customer experience. The report highlights that while stringent security measures are essential, unnecessary friction can drive customers away. A multi-layered approach to fraud prevention, integrating advanced technologies with customer-friendly practices, is crucial.

The power of data sharing

Data sharing has emerged as a powerful tool in the fight against fraud. By collaborating and sharing data across industries, businesses can gain a comprehensive view of fraud patterns and enhance their detection capabilities. Regulatory frameworks in regions like Brazil and the UK increasingly support data-sharing initiatives, which are vital for effective fraud prevention.

What the rise in Authorised Push Payment Fraud means for businesses

APP fraud has seen a significant rise in some parts of the world due to newly accessible GenAI tools enabling fraudsters to create more convincing scams at scale. Financial institutions are under pressure to implement measures to protect consumers and comply with new regulations that mandate reimbursement for APP fraud victims.

How to uncover synthetic identities

Synthetic identity fraud is a growing concern. The report reveals that advancements in GenAI have enabled the creation of highly realistic fake identities, making detection more challenging. Businesses need to invest in advanced analytics and alternative data sources to uncover synthetic identities effectively.

Why AI and machine learning are critical to fraud prevention

AI and machine learning are pivotal in modern fraud prevention strategies. The report underscores the necessity of these technologies in detecting and preventing fraud. AI and machine learning can analyse vast amounts of data to identify patterns and anomalies that may indicate fraudulent activity.

Read the reportto discover the 5 key takeaways to combat evolving fraud

The 2024 Global Fraud Report reinforces the need for businesses to leverage advanced analytics, alternative data insights, data sharing, and a multi-layered approach to combat evolving fraud threats globally.