Security News > 2023 > April > Pre-pandemic techniques are fueling record fraud rates

Within the largest financial institutions, insurers, and retailers, the rise and adoption of AI, an impending recession, and the return of pre-pandemic fraud techniques are driving record rates of fraud attacks for consumers and enterprises alike, according to Pindrop.

"In addition to new technologies, fraudsters are reverting to pre-pandemic social engineering tricks, causing retailers and financial institutions billions in losses. While this report highlights the dangers of today's fraud landscape, we are proud to partner with several of the largest financial institutions globally in order to safeguard their assets and protect them from fraud," Balasubramanian continued.

Pindrop found that fraud rates in states that pose enhanced restrictions on the use of biometrics are twice as likely to experience fraud.

These states also contribute to 33 percent of all fraud losses reported in the US. The human voice remains a vital factor that can be leveraged for fraud detection.

Fraud rates in credit unions increased by more than 70 percent in 2022.

Recent data found that 3.6 percent of all ecommerce revenue in 2022 has been stolen by fraudsters, and payment fraud grew 40 percent from 2021 to 2022.

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https://www.helpnetsecurity.com/2023/04/18/techniques-fraudsters/