Security News > 2021 > January > Five emerging fraud threats facing businesses in 2021

With the growing threat of fraud fueled by the digital acceleration that took place in 2020, Experian revealed five emerging fraud threats facing businesses in 2021.

To help businesses prepare for fraudulent activity in 2021, there are five fraud threats businesses should be aware of this year.

These "Frankenstein faces" will use AI to combine facial characteristics from different people to form a new identity, creating a challenge for businesses relying on facial recognition technology as a significant part of their fraud prevention strategy.

With billions of records exposed in the U.S. due to data breaches annually, this type of fraud will prosper in 2021 and beyond until the industry moves away from its reliance on usernames and passwords.

Businesses with lackluster fraud prevention tools and insufficient online security technology will suffer large financial losses in 2021 and beyond.

"Fraud is complex and our predictions show that businesses and consumers need to be vigilant in 2021 as fraudsters become more sophisticated," said Kathleen Peters, Chief Innovation Officer at Experian Decision Analytics in North America.

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