Fraud is a major cost to businesses worldwide and this has been exacerbated by the worldwide Covid pandemic. Banking, finance, payment services, and retail are some of the most frequent targets of fraudsters. However, insurance, gaming, telecommunications, health care, cryptocurrency exchanges, government assistance agencies, travel and hospitality, and real estate are increasingly targeted as cybercriminals have realized that most online services trade in monetary equivalents. After years of being the focus of cybercriminals, banking and financial institutions are more likely to be better secured than other industries, meaning that fraudsters are increasingly likely to attack any potentially lucrative target if given the opportunity. Fraud perpetrators are continually diversifying and innovating their Tactics, Techniques, and Procedures (TTPs).

  • Fraudsters continue to innovate, deriving additional techniques from existing ones and developing new methods delivered across all channels.
  • Vendor solutions exhibit an increased emphasis on providing identity proofing services, either within their platforms or through OEM or technical partnerships.
  • Call center integration, while not common across all FRIP vendors yet, is a growth area given the multi-pronged nature of fraud attacks. Vendors offering call center integration report that it is highly sought after by customers compared to just a few years ago.
  • More FRIP vendors are using internal and third-party sources of compromised credential intelligence to prevent ATOs.
  • Device intelligence is a mature capability utilized by most solutions; in some cases, FRIP service providers are members of the intelligence supply chain of other vendors.
  • Bot detection and management have become more central to deterring many types of fraud attempts, since many forms of fraud are automated by bots. Vendors are improving their abilities to detect, classify, and provide options for handling bots.