This guide sheds light on the challenges businesses are expected to face in the coming year, encompassing the volume, cost, and complexities of fraud. The report draws on a comprehensive survey of 316 experts across various industries, complemented by both proprietary and independent research on fraud. It highlights the critical issues and strategic imperatives for businesses as they manoeuvre through the intricate landscape of fraud.

“The time for decisive action is now,” said Tamas Kadar, CEO and Co-Founder, SEON. “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.”

As 2024 hits its stride, an increase in fraud sophistication and frequency poses significant threats that will intensify as the year unfolds. Key takeaways from the survey include:

 Widespread Acknowledgement of Increasing Fraud

A significant majority – 87% of respondents expect the volume of fraud to increase this year, driven by the advancement of technologies like artificial intelligence (AI), the proliferation of Fraud-as-a-Service (FaaS), the demand for fast transactions and escalating economic pressures.

The Dual Role of AI in Fraud Dynamics

AI is expected to be the biggest challenge for fraud prevention in the coming months, with 71% of respondents naming it as the number one issue, particularly in automated attacks and deepfake technologies.

Rising Fraud Types and Countermeasures

The types of fraud expected to see a notable increase include phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering with

73% of respondents expect an uptick in these volumes.

Strategic Investment in Fraud Prevention

Overcoming cost and integration issues will prove essential for effective fraud prevention with 57% of respondents planning to increase their spending on anti-fraud solutions in the year ahead.  

As fraud continues to evolve, stopping fraud earlier in the customer journey will become a priority. Real-time data and AI-enhanced technologies are emerging as powerful tools to help businesses tackle rising fraud volumes.