Fighting Fraud

Digital platforms bring fraudsters together to threaten businesses

We have observed a dangerous trend: fraudsters seem to be forming communities – in 2017, we’ve been able to identify at least 294 accounts in four different banks, belonging to such fraud rings. Moreover, they are developing a marketplace for “fraud-as-a-service,” which has already led to 3.25 million online attacks a day – and this number keeps growing. Fraud is definitely going beyond financial institutions – take, for example, retail loyalty programs, where we had identified and blocked 3000 fake accounts.

The report is addressing the continual changing landscape of fraud and lack of understanding surrounding new technologies and evolving fraudulent activities given that 63% of business are experiencing the same or more fraud losses in the past 12 months than in previous years.

Key findings


of global organisations say they have been a victim of fraud and economic crime within the last 24 months


of all reported frauds over the past 24 months were cases of internal fraud, up from 46 per cent in 2016


of companies are using and deriving value from artificial intelligence

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