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Fraud Analytics March 2023

Top 10 Fraud Trends in 2023

Fraudsters will always seek new ways to exploit people’s private information.

Cybercrime and fraud prevention is an ever-changing and evolving field based on varied tactics used by fraudsters.

While fraudsters will always seek to conduct new fraud forms, you can be better prepared to mitigate their risks.

One place to start is being aware of the most frequent fraud attacks today.

Here are the top 10 biggest fraud trends you need to know for 2023.

Table of Contents

  1. Automation
  2. Account Takeover
  3. Adoption of New Digital Payments and Methods
  4. Ongoing Challenge of Balancing Fraud & Customer Friction
  5. Rise of Synthetic Identities
  6. Escalating Cost of Fraud
  7. Growing Need for Multi-Layered Fraud Assessment
  8. Targeted Attacks
  9. Heightened Need for Real-Time Risk Assessment
  10. Account Security

Get Ahead of Fraud Trends

Important Cybercrime Statistics: 2023 Data Analysis & Projections

Cybercrime or computer crime costs United States companies over half a billion dollars annually. Also, data breaches compromise millions of user accounts. In this research report, we will take an in-depth look at cybercrime statistics and see how it impacts businesses and consumers. Furthermore, we’ll explore cybercrime growth statistics, cybersecurity, projections, and other cybercrime data.

Being informed will make you aware that cybercrime can strike just about anyone online. Hence, you must be knowledgeable in IT security software. Also, cybercrime is a compelling reason for you to use backup tools and implement strict security measures. This is especially because, as the COVID-19 pandemic has forced companies to lay down work-from-home policies, many industries now rely on cloud use more than ever. As such, it is pertinent to understand how to protect yourself from cybercrimes.

Fraud and Financial Crime: 2023 Regulatory Challenges

Explore here insights on Fraud and Financial Crime from the KPMG report Ten key regulatory challenges of 2023.

Regulatory focus

Fraud and Financial crime are on-going risks that financial service providers consistently work to mitigate. Evolving technological developments, geopolitical events, and interconnected and interdependent financial networks may increase these risks, exposures and complexity – particularly as perpetrators become increasingly more sophisticated. Regulators will continue to be concerned around such areas as terrorist financing, beneficial ownership, sanctions/tax evasion, consumer scams, and potential compliance violations.

Continued areas of regulatory focus include:

Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) frameworks and risk mitigants to prevent illicit exploitation of access to the U.S. financial system (e.g., shell companies, all-cash real estate purchases).

Fraud models, operations, and investigation processes.

Insider corruption (e.g., employee misconduct, vendor/third party misconduct).

Cybercrime and robust cybersecurity risk management.

New areas of expanded regulations will include:

Crypto and digital assets:

Regulators will look to combat threats and vulnerabilities posed by digital assets and strengthen the financial safeguards. Investigations and enforcement will lead to more actions of non-compliance with existing regulations (e.g., illegally offered crypto asset derivatives products, false statements about stablecoin assets, fraud and market manipulation, red flag indicators of sanctions evasion attempts using digital assets).

Increased attention to AML for NFT and DeFi:

With the rapid growth of NFTs and DeFi platforms, regulators indicate there is an elevated risk of money laundering and terror financing. Current AML regulations are being expanded to include assessing CDD and suspicious activity reporting related to NFTs and DeFi platforms.

Sanctions and price cap compliance:

Continued geopolitical discordance will result in continued focus on sanctions and price cap compliance, including virtual currency mining, dark net markets, and bans on a broad range of services to sanctioned entities/countries (e.g., trade finance, banking, brokering, and insurance).

Final rules on beneficial ownership information reporting and analysis (e.g., due diligence, SAR filings, and anti-corruption compliance programs).

Further discussion on the potential liability with P2P responsibilities, fraud, and losses.

How Data Analytics Helps Banks With Fraud Detection

The advent of technology has empowered businesses across a broad spectrum of industries, including the banking industry, with plenty of benefits. However, it has also posed a growing challenge for banks: increasingly complex financial fraud. It has spotlighted solutions that can help banks fight against financial fraud and actively endeavor to prevent fraud.

Fraud could be referred to as a multi-structured and multi-layered phenomenon. It poses a significant challenge to financial institutions. Effectively mitigating financial fraud will help banks protect their customers, employees & reputation while enhancing the financial system’s resilience.

Guide to Fraud Analytics in 2023

Download the Guide

Guide to Fraud Analytics in 2023

What Is Fraud Analytics?

How to Use Data Analytics for Fraud Detection

Data Analytics Techniques for Fraud Detection

How Predictive Analytics Supports Anti Fraud

Data Analytics Solutions for Fraud Prevention

One of the cornerstones of any good fraud prevention strategy is the use of data analytics.

By looking at past data with analytical methods, we can single out characteristics that are more likely to be fraudulent – and can devise rules, measures and procedures to guard our business against it.

The main advantage of using analytics over just looking at single incidents is that any insights gained during the analytical process can be used to scour through the system and uncover potentially harmful cases that might have been missed initially.

This guide will walk you through the principles of fraud analytics, allowing you to uncover fraud patterns that would otherwise remain hidden.

By investing in the analytical approach, you can save money in the long term by preventing fraud that otherwise would’ve turned into straight losses before they materialize.

Technology challenges in analytics-driven investigations

Building the engine of integrated human and machine intelligence

​​Fraud can be as simple as intentionally making a duplicate payment. Or, it can be highly sophisticated, as fraudsters execute an ingenious play of intertwined transactions and third-party chicanery. However slick the scheme, fraud has been a persistent drain on an organization’s assets and a threat to people’s livelihoods. As perpetrators expand their larcenous repertoire, organizations across industries are starting to use integrated, data-driven analytics approaches to identify potentially fraudulent transactions.

Technology challenges in fraud investigations

​Advanced analytics are making inroads into fraud investigations, but these are still early days. Legal and compliance organizations continue to use various legacy systems to perform data-intensive reviews. Analytics use cases tend to be ad-hoc ventures, typically performed by vendors. Tools are still maturing, a state that complicates long-term planning and investments.

A legal or compliance team that aims to elevate its fraud-fighting analytics technology capabilities can expect to encounter several challenges in the effort:

Existing technology may not be adequate, and replacing it isn’t easy.

Current operating structures don’t (yet) align with the tools.

Investigation professionals may not know how to use, or may resist using, new technology.

Outsourcing can lock the organization into a vendor solution.

Data needs to be analyzed and interpreted.

New survey spotlights the top fraud trends to watch in 2023

Even though financial concerns remain a significant obstacle for companies in implementing new anti-fraud technologies, 60% of businesses expect an increase in their anti-fraud technology budgets in the next two years. This is according to the latest anti-fraud technology study conducted by global analytics leader SAS in partnership with the Association of Certified Fraud Examiners (ACFE).

The survey found that occupational fraud costs businesses more than $4.7 trillion worldwide annually. Companies regardless of size lose untold billions more to external bad actors and so do ordinary people. The research highlighted how nobody is impervious to the wide array of consumer fraud threats, from account takeover to identity theft to phishing schemes and many more.

The disruption caused by the pandemic has resulted in people and organisations becoming increasingly reliant on technology. Of course, this has also impacted on the use of anti-fraud technology. Nearly 30% of respondents have seen an accelerated use of digital forensics or e-discovery tools and case management tools. Given how hybrid working models have become generally accepted both in South Africa and abroad, it is hardly surprising that 15% of respondents saw a decrease or delay in the use of physical biometrics initiatives to combat fraud.

Top 7 Trends Shaping the Fraud and Identity Landscape in 2023

Fraud and Identity Trends to Watch in 2023

Online interactions are commonplace consumer behavior as digital transactions dominate the marketplace. In this current landscape, the routes for fraudsters to interfere with a business are infinite. Organizations are contending  with highly professionalized fraud networks working at pace to monetize an evolving array of fraud schemes.

Here are LexisNexis® Risk Solutions top 7 trends to watch in the Fraud and Identity space.  Find out which market developments and fraud challenges are most likely to impact operational budgets, customer experience and your fraud plans in the year ahead.

4 audit challenges firms could face in 2023

As auditors navigate the financial waters ahead, what challenges might exist and how can you best prepare for 2023?

Using a data-driven approach through the Enhancing Audit Quality initiative, AICPA & CIMA have identified possible issues and ways to overcome them in four main topics: risk assessments, single audits, auditor’s reports and technology-enabled auditing.

Read on to see the resources available to guide you in achieving high-quality, compliant audits in 2023.

Fraud Detection Analytics

Introduction to Fraud detection Analytics

Fraud detection means the identification of actual or expected fraud to take place within an organization. An organization need to implement proper systems and processes to detect frauds at an early stage or even before it occurs. Fraud detection consists of the following techniques

Proactive and Reactive

Manual and Automated

An organization should include these techniques in its anti fraud strategy

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