Report
Published October 16, 2024
Banks Fraud Management
Account takeover (ATO) fraud is surging, with losses reaching nearly $13 billion in 2023 — a 15% year-over-year increase. As fraudsters become more sophisticated, this upward trend shows no signs of slowing.
To protect your organization and customers, it’s critical to implement comprehensive, scalable fraud prevention, identity verification and authentication solutions. Discover why Experian was recently named a leader in ATO prevention by Liminal.
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A Growing Small Business Financial Fraud Problem
This week’s Commercial Pulse Report from Experian reveals critical shifts in the economy for small businesses. Inflation eased slightly to 2.8%, and the Small Business Index ticked up to 41.5—signs of stabilization. But rising financial fraud remains a major concern. Also:
🔒 70% increase in fraud since the pandemic
🧠 $40B in projected losses from AI-driven scams by 2027
📊 46% of SMB loan applications showed signs of first-party fraud
Lenders are responding with AI-powered analytics and cross-industry collaboration to stay ahead of these threats.
Check out the full report to see how these trends could impact your strategy!
Report
Global Insights 2025 Predictions
Key themes and emerging trends shaping financial services in 2025, using research and insight from leading industry analysts. Themes include:
- Fraud evolution driven by AI
- AI will play a transformative role in banking
- Emergence of RegTech
- Convergence of risk management