Against the backdrop of continuing economic uncertainty, financial fraud will continue to thrive in 2022, with fraudsters expected to exploit consumers across all digital channels.
Sadly, the industry has not yet solved the age-old question: “Who are you?”. And as it stands, fraudsters, in many cases, are winning the war when it comes to financial security.
In the fight back, we can expect a lot of new legislation, regulatory oversight, and large fines across the globe. But on its own this will all be ineffective. Businesses must take matters into their own hands and update their fraud monitoring and prevention capabilities to protect both themselves and their customers.
For payment providers and banks, adaptive machine learning solutions such as Network Intelligence and Fraud Scoring as a Service have proven to be very effective. Businesses and institutions should also consider binning the traditional password as a means of security and identification. Passwordless technology has worked wonders for the business world and could easily be adapted for consumers. The right technology is available to harness, it’s just a case of adopting it.