Yes, 2024 is already here, but don’t worry if you haven’t made it to the gym or figured out how to add turmeric to your diet yet. Our own Mary Ann Miller (Fraud & Cybercrime Executive Advisor and VP of Client Experience) just provided an easy-to-use blueprint for those wishing to prevent fraud in the new year on VMblog.
In her article, Miller emphasizes the growing threat of identity fraud and the need for both organizations and individuals to prioritize fraud prevention in 2024. With identity-related attacks becoming more innovative, the focus is on rethinking identity-proofing strategies. Organizations in both the public and private sectors are urged to adopt better online safety practices, and Miller believes the starting point is prioritizing digital identity and robust password security.
Additionally, Miller explains the importance of AI-based fraud prevention and offers a warning about rising threats such as social engineering, deepfakes, and voice cloning. Organizations, particularly in the financial sector, are advised to step up their fraud prevention efforts. Miller stresses the need for organizations to invest in technologies that go beyond personally identifiable information to ensure more thorough identity verification.
Based on insights from Prove’s own customers and based on input from a variety of stakeholders, Miller suggests that organizations should focus on identity checks and attack monitoring to identify fraudulent activities that are tied to specific behaviors. The importance of real-time insights into malicious intent through meticulous tracking of attack rates is one key area that fraud teams should focus on. Ultimately, she says, this will enable proactive detection and swift responses to potential threats.
Learn more about how to prevent fraud in 2024, and then talk with the experts at Prove to learn how our digital identity verification platform can help you.
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