How to deploy a multi-layered approach with a holistic view of the consumer to stay ahead of evolving fraud.
Find out how to mitigate against GenAI-enhanced fraud by downloading the eBook
GenAI’s rise to the top has been rapid. It was only last year that GenAI fully emerged in the public domain as an accessible tool, with the technology’s impact and expectations reverberating across businesses worldwide. This massive growth trajectory has led some critics to suggest that GenAI is nearing its hype peak. However, its potential is still unfolding as the technology continues to evolve and be applied to new use cases. Although its positive applications have enormous potential, the technology also poses many risks.
In the fraud space, GenAI poses two main threats: The scaling and personalisation of attacks. Criminals today are generating synthetic content with a goal of decieving businesses and individuals. Fraudsters leverage GenAI to produce convincing synthetic identities and deepfakes that include audio, images, and videos that are increasingly sophisticated and practically impossible to differentiate from genuine content without the help of technology. Fraudsters also exploit the power of Large Language Models (LLMs) by creating eloquent chatbots and elaborate phishing emails to help them steal vital information or establish communication with their targets.
Mitigation comes in many forms, depending on the business, but the fundamental differentiator in the fight against evolving and increasing fraud attempts is the ability to have a holistic view of the consumer.
Businesses today deploy multiple solutions from various vendors to ensure fraud mitigation covers all touchpoints. Although full coverage may exist, businesses often don’t have a holistic offline and digital view of the consumer, meaning losses can accumulate before patterns emerge within these siloed views.
Rapidly evolving, highly automated, and large-scale attacks demand an up-to-date cross-industry view of online and offline identity behavior, linkages, and interactions. The flexible solution must similarly leverage GenAI to spot and validate fraud signals, interpret intelligence from fraud analysts, and quickly operationalize new attributes and models to keep pace with attackers. This is where layered fraud and identity controls in real time and a comprehensive offline analytics platform work together
Download the eBook to discover:
- The rise of GenAI
- GenAI impact by fraud type
- Deepfakes: The authenticity challenge
- The challenge of detecting synthetic identoties
- Scaling up: The emergence of bot-as-a-service
- Authorised Push Payment Fraud (APP Fraud)
- Understanding the role of intent and context in fraud prevention
- A holistic view of the consumer with Ascend Fraud Sandbox
- Key takeaways: Find out how to mitigate against GenAI-enhanced fraud
Businesses that implement these recommendations will be best equipped to manage fraud spikes from GenAI while simultaneously protecting good customer experiences from being negatively impacted by unnecessary friction. Ascend Fraud Sandbox helps businesses to shine a light on the holistic view of consumer activity across the industry, moving far beyond the typical point-in-time, product-specific view of consumers.
Mike Gross, Vice President, appled fraud research and analytics, experian
