Targeted Fraud is a Big Problem that’s Only Getting Bigger
Fraud is on an upward swing. 2021 saw 1.5 times, and online payment are expected to exceed $206 billion between 2021 and 2025. These attacks are successful despite all the mechanisms and controls organizations have put in place to try to prevent fraudulent activity.
The reason? When the incentive is great enough – think lots of dollar signs – attackers will spend the time and effort they need to come up with ways to overcome the defenses of a particular organization and operate undetected. Unlike general fraud attacks that are designed for scale, spreading their net far and wide to see who they can catch; targeted attacks are much more difficult to identify and stop because they are specifically tailored to exploit an organization’s way of doing business.