Digital technology advancements have opened up new avenues for fraud, leading to more complex attacks. A recent study, The Future of Fraud Forecast, published by Experian, outlines five key trends poised to impact businesses and consumers in the upcoming year.
This report reveals how fraudsters are using advancements like artificial intelligence (AI) to amplify their attacks. It identifies ‘agentic AI’, the fraudulent use of AI to mimic human behaviour and deceive security systems, as a significant threat.
Deepfake Job Candidates and Cyber Break-ins
In addition to agentic AI, the report warns of the growing threat of deepfake job candidates. This method involves creating fake identities for job applications, enabling fraudsters to gain access to sensitive business information. This trend is likely to escalate in the near future, presenting a substantial challenge for businesses.
The report also points out the risk of cyber break-ins. As businesses shift their operations online, they become more susceptible to these attacks. Essentially, cyber break-ins are unauthorized entries into a business’s digital systems, leading to potential data breaches and financial losses.
Experian’s report emphasizes the immediate need for businesses to enhance their security measures and stay alert to these emerging threats. It advises businesses to stay proactive, regularly updating their security protocols to guard against the evolving tactics of fraudsters.
Clearly, as technology progresses, so do the tactics of fraudsters. Therefore, both businesses and consumers need to stay aware of these trends and adjust their security measures accordingly.
