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Key strategies for financial institutions to combat fraud

Key strategies for financial institutions to combat fraud

The fraud landscape is rapidly evolving, driven by increasing cyber attacks, advances in cyber attacks artificial intelligenceand increasingly sophisticated scams. Our latest Experian UK Fraud and Fincrime Report 2024 shows that fraud volume increased by 9.3% in the UK in 2023, with third-party fraud the most common. More than half of companies also reported increased fraud losses, and seven in ten companies expect their fraud management budget to grow.

This situation underlines the relentless pressure on fraud teams within companies and highlights the urgent need for robust fraud prevention strategies. A proactive and adaptive approach to combating fraud is essential. What can companies do to stay ahead in this challenging environment?

Grant McDonald

Grant McDonald is Director of FinCrime Market Engagement at Experian.

1. Adapt strategies to greater digital adoption by consumers