title h2
Unraveling the Major Trends of 2023 and the Challenges We Face in Stopping Them
Fraud seems to be up by 30% and steady year over year, while fraudsters continue to adapt and evolve their tactics to stay ahead of detection and prevention measures. The fraud losses and the cost of cybercrime, like investments in advanced security systems, intellectual theft, restoration costs, reputational harm and so on, are in the range of trillions of dollars annually. Undoubtedly, for some is a great risk challenge but for others, and certainly for the bad actors, is a great profitable opportunity. Let’s go over the major fraud trends in alphabetical order for 2023, responsible for the trillions of dollars in fraud costs, which were evidently laundered uninterruptedly; noted that billions of dollars are spent for AML to monitor and counter-attack through sanctions, compliance rules, audits, transaction monitoring, and KYC… however, with less than 2% recovery of Losses!