The fraud landscape is evolving rapidly, driven by rising cyber-attacks, advancements in artificial intelligence, and increasingly sophisticated scams. In fact, our latest Experian UK Fraud and Fincrime Report 2024 shows that in 2023, fraud volumes surged by 9.3% in the UK, with third-party fraud being the most prevalent. Over half of businesses also reported increased fraud losses, and seven out of ten businesses anticipate their fraud management budgets will grow.
This situation underscores the relentless pressure on fraud teams within businesses and highlights the urgent need for robust fraud prevention strategies. A proactive and adaptive approach to fighting fraud is essential. So, what can businesses do to stay ahead in this challenging environment?
