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01/01/2025
Fraud in Focus: Preparing for 2025 Challenges
Bank Info Security
Fraud experts predict major challenges in 2025, including synthetic identities driving identity fraud, artificial intelligence aiding sophisticated scams and check theft adding to persistent payment fraud problem. The industry needs innovation and collaboration to combat vulnerabilities across sectors, said Peter Tapling, board member of the U.S. Faster Payments Council; Frank McKenna, chief fraud strategist at Point Predictive and Mary Ann Miller, vice president of client experience at Prove.
See Also: AI-Driven SOC Transformation with Cortex XSIAM
"Identity matters everywhere," said Miller, noting the rise of identity misuse beyond banking in areas such as gig platforms.
McKenna highlighted AI's transformative role in scams, from deepfake-enabled social engineering to voice-cloning ransom schemes. He also underscored advancements in scam interdiction, like slowing risky payments and reimbursing victims.
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