Fraud Management & Cybercrime , Fraud Risk Management , ID Fraud

Financial Fraud in 2021: A Forecast

Trace Fooshee of Aite Group Provides an Outlook on Key Trends
Trace Fooshee, senior analyst, Aite Group

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: Veriff Identity Fraud Report: H1 2021

”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.

About the Author

Nick Holland

Nick Holland

Former Director, Editorial

Holland focused on the intersection of digital banking, payments and security technologies. He has spoken at a variety of conferences and events, including Mobile World Congress, Money2020, Next Bank and SXSW, and has been quoted by The Wall Street Journal, CNN Money, MSNBC, NPR, Forbes, Fortune, BusinessWeek, Time Magazine, The Economist and the Financial Times.

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