The next decade will be a reckoning for the commercial data economy created over the last 10 years. Our reliance on social media and smart devices has powered large-scale data collection for tech giants dedicated to user surveillance as a primary competitive advantage.
Meanwhile, fraud continues to exploit technology’s double-edged sword: increased data collection enhances customer experience and opens gateways to new authentication methods while simultaneously eroding privacy and security.
At the cusp of 2020, these are the fraud developments of the past decade that will come to fruition in the next 10 years.
Demand for marketing data will fuel complex fraudThe commercial demand for new data types – personal profiles, shopping and browsing habits, micro-targeted political affiliations – offers fraudsters a wealth of opportunities to craft more detailed personas, or to more accurately impersonate a legitimate consumer.
With authentication shifting toward user behavior identification and biometric profiling, fraudsters will do as they’ve always done – target low-hanging fruit with late adopters, and then bypass gaps in new technology. This process played out during the introduction of credit cards with chips, as criminals exploited the last opportunities for traditional carding schemes before being forced to shift tactics. A sharp uptick in card-not-present fraud followed, as fraudsters migrated to online payment systems.
Account takeover will evolve to account access-as-a-serviceThe rise of the dark web fraud economy has allowed vendors to offer more specialized goods and services. Instead of merely offering account credenti ..
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