Identity Fraud Predictions: What We Got Right (or Wrong) in 2022
Blog post from Socure
A review of 2022 identity and fraud predictions finds that first-party fraud linked to alternative payments, credit-washing-related identity theft claims, large-scale bot attacks, imposter scams, public-private consumer education efforts, and deepfake risks generally intensified as anticipated. Buy-now-pay-later providers and merchants faced significant first-party fraud losses, while bad bots reached nearly a third of global web traffic and increasingly used evasive techniques. The discussion highlights how weak verification of FTC identity-theft affidavits can facilitate fraudulent credit-report disputes, and it notes that government investigations and industry partnerships expanded in response to pandemic-related fraud. Rapid advances in generative AI are expected to make impersonation and deepfake fraud more difficult to identify, particularly when legitimate personal data is paired with altered document photos or selfies. For 2023, financial institutions are expected to expand machine-learning-based fraud detection, information-sharing collaboration, and sophisticated identity verification methods including biometrics and multiple data sources.
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