In its latest fraud report, SEON has described threats as ‘increasingly sophisticated and complex’, which have been fuelled by advanced technologies like AI and machine learning.
In the group’s Fraud Trends 2024 guide, it revealed the business challenges for the year ahead, including the volume, cost and complexities of fraud in 2024 with a growing number of technologies.
It emphasised that AI is anticipated to be a key challenge for fraud prevention in the coming months, with 71 per cent of respondents naming it as the number one issue, particularly in automated attacks and deepfake technologies.
Tamas Kadar, CEO and Co-Founder, SEON, commented on the latest report: “The time for decisive action is now. Business leaders and fraud and risk management teams must combat the increasingly sophisticated and complex emerging threats we are now seeing at scale thanks to advanced technologies like AI and machine learning.
“This report signals that companies can no longer afford to not have a proactive anti-fraud strategy. To safeguard their revenue, it’s imperative to adopt a comprehensive approach to fraud prevention.”
Furthermore, of note to the igaming industry, in terms of the types of fraud expected to see a notable increase include phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering with 73 per cent of respondents expecting an uptick in these volumes.
In laying out details on the evolution of fraud, the group also emphasised that amidst the evolution of fraud – halting it earlier in the customer journey will become a significant priority for stakeholders.
This can be bolstered by real-time data and AI-enhanced technologies, which are emerging as powerful tools to help businesses tackle rising fraud volumes.
Underlining the significance of the threat and its evolution, 57 per cent of fraud experts have outlined plans to grow their spending on anti-fraud solutions in 2024 in order to keep up the threat of fraud.
