The rapid increase in digital use created a perfect storm for fraudsters to quickly find new ways to steal funds, capitalizing on consumers’ lack of familiarity with digital platforms and the resource constraints faced by many businesses.
In fact, from January 2020 to early January 2021, the Federal Trade Commission released that consumers reported over 275,000 complaints resulting in more than $210 million in COVID-19-related fraud loss. Because of this, it’s critical for businesses to anticipate potential new fraud schemes to prevent losses and protect customers.
To select a suitable fraud detection solution for your business, you need to think about a variety of factors. We’ve talked to several industry professionals to get their insight on the topic.
Shai Cohen, Sr. VP of Global Fraud Solutions, TransUnion
With t ..
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