(7.01) Fraud

More than 70% of all hospital data breaches include sensitive demographic or financial information that could lead to fraud or identity theft.
90 percent of U.S. financial institutions either have begun issuing EMV cards or say they will do so by the end of the year.
3D XPoint technology could enable retailers to more quickly identify patterns of fraud in financial transactions.
By 2025, two-thirds of global financial firms will integrate cognitive data from third parties to improve the customer experience through targeted product and service offerings and fraud protection.
In 2019, email and stolen privileges will continue to be the primary method of bypassing organizations' security to inhibit services, disrupt productivity, steal sensitive data or conduct financial fraud.
The National Crime Agency estimates that total fraud losses in the UK could be as much as £193bn and UK residents are more likely to be victims of fraud than any other crime.
Organisations who are members of Cifas prevented over £1 billion worth of fraud last year and Cifas will continue to lead the way in the fight against fraud and financial crime.
Within the next two years a major financial fraud will be caused by the spreading of highly believable falsehoods through financial markets.
The recent introduction of innovative technology and payment methods has increased the opportunities for bad actors to instigate financial fraud in the UK.
The US financial regulator has issued a warning that cryptocurrencies are at higher risks of fraud and manipulation in the market.
Financial information such as credit card purchases and ATM use could be subjected to methods that learn and predict who's likely to experience cognitive decline or become a victim of fraud.
Deep learning will likely start being deployed at scale in the next three to five years for banks to combat money laundering, fraud, and other financial crimes.
CFOs will now be expected to don multiple hats to monitor changing global regulations, drive technology adoption, manage emerging risks and become custodians of sound governance practices.
Over 143 million Americans will be at risk of financial fraud for years following the Equifax cybersecurity breach.
Before 2020, untrue information will fuel a major financial fraud made possible through high-quality falsehoods moving the financial markets worldwide.
Having access to real-time, global threat intelligence can help organizations watch for suspicious activity and get a better picture of the who, what, when and where of cybercriminal activities.
America cannot survive if excessive risks and financial fraud can be bailed out by taxpayers.
Companies are increasingly aware of their rising risk exposure with 81% of financial directors surveyed fearing a higher risk of fraud in 2017.
The UK's Barclays Bank is rolling out a service to enable customers to switch off debit cards directly from their mobile app as part of a £10m nationwide drive to increase the public's awareness of financial fraud risks.
Financial services firms will be able to apply machine learning, data mining, and AI to accelerate the process of rating borrowers' credit and detecting fraud.
AI system development will be aimed at analysing customer behaviour for signs of fraud or other financial crimes.
Financial institutions could leverage existing applications to develop algorithms that identify patterns of abuse related to fraud and money laundering.
Banks will work alongside the police and government bodies as part of the new taskforce to combat financial fraud which is estimated to cost the UK at least £24bn a year.

See full forecast

Last updated: 22 October 2019