Fraud techniques, including phishing, vishing, deepfakes, and other scams are becoming increasingly sophisticated – making it easier than ever to perpetuate fraud at scale. This is placing businesses in danger of financial losses, and trust and reputational damage. Now, there’s an alarming trend among organized crime rings that have the potential to defraud enterprises of billions of dollars in the coming years.
Due to the speedy advances in technology, such as new AI-powered tools, crime rings are increasingly engaging in interconnected fraud. As they’ve discovered, they can attack numerous enterprises at a rapid pace and escape with large amounts of money or generate hundreds of falsified accounts for money laundering purposes before they are ever identified.
