Fraud rings are becoming more sophisticated and adept at leveraging powerful technology such as artificial intelligence to carry out their crimes. As a result, it’s essential that financial institutions improve their approach to safeguarding against an evolving fraud threat.
Criminals’ increasing sophistication isn’t the only way in which fraud is changing. The frequency of data breaches means criminals can more easily and less expensively access the information they need to carry out fraud, says Andrew Altsman, global director of enterprise strategy with Ekata, a Mastercard Company. And with the shift to online and mobile banking well underway, criminals continue to focus their attacks on digital channels.