Businesses' obstacles for the upcoming year are revealed in the Fraud Trends 2024 handbook, which was released by end-to-end fraud prevention and AML platform SEON. A few of these difficulties are the quantity, expense, and complexity of fraud. Although the fintech market is expected to grow in the following year, there are serious concerns to the sector due to the increasing sophistication and frequency of fraud.

The report highlights the critical concerns and strategic requirements for companies navigating the treacherous landscape of fraud. It is based on a comprehensive survey of 316 professionals from various industries and is enhanced by proprietary and independent fraud research.


There will be other developments that will speed up fraud attempts besides AI. The book also lists the rise in fraud as a result of the spread of fraud-as-a-service (FaaS), the need for quick transactions, and intensifying financial demands.

It is now essential to have a proactive anti-fraud strategy rather than just a nicety.

"This is the moment for decisive action," stated Tamas Kadar, co-founder and CEO of SEON. The increasingly complex and sophisticated new threats that we are now seeing at scale, thanks to breakthrough technologies like AI and machine learning, require business executives and fraud and risk management teams to fight back. According to this analysis, businesses can no longer afford to operate without a strong anti-fraud plan. Adopting a thorough fraud prevention strategy is essential to protecting their revenue.

The handbook also notes the growing variety of frauds and their defenses, the dual role AI plays in fraud dynamics, and the significance of strategic investment in fraud prevention.

The largest obstacle to fraud prevention in the upcoming months is anticipated to be AI. Actually, it was ranked as the top concern by 71% of respondents, especially in terms of automated attacks and deepfake technology.

According to the survey, 73% of participants anticipate a rise in fraudulent activities such as phishing, synthetic fraud, identity theft, account takeovers (ATO), and money laundering.

Effective fraud protection will require resolving integration and cost challenges, as indicated by the fact that 57% of respondents said they will increase their expenditure on anti-fraud solutions in the upcoming year.

Preventing fraud earlier in the customer experience will become more important as it continues to change. Businesses are finding that real-time data and AI-enhanced technologies are effective tools for combating the growing volume of fraud.