Financial Fraud in 2021: A ForecastTrace Fooshee of Aite Group Provides an Outlook on Key Trends
What kind of financial fraud can we expect in the year ahead? Trace Fooshee of Aite Group offers a forecast based on a new report.
See Also: Determining the Total Cost of Fraud
”It's clear that fraudsters were doubling down on their use of stolen identities this year, and continuing application of synthetic identities,” he says. “It's reasonable to assume that those two forms of fraud and the derivative forms that come from them are likely to continue to increase.”
Fooshee also predicts that “we're likely to see a return to pre-pandemic levels of activity and growth in a lot of those conventional forms of fraud that enjoyed a little bit of a reprieve during the pandemic period as the fraudsters were preoccupied on intercepting government stimulus payments.”
In a video interview with Information Security Media Group, Fooshee discusses:
- The most prevalent forms of financial fraud in 2020;
- Anticipated fraud trends for 2021;
- Anti-fraud investments that can make the biggest impact in the coming year.
Fooshee is a senior analyst in Aite Group’s Fraud and AML practice. Previously, he was head of fraud strategy for SunTrust Bank, where he was responsible for developing, managing and articulating strategic investments and transformation initiatives that sought to improve the balance among loss prevention, client experience and operational expense.