As financial crimes grow in complexity and sophistication, payment firms find themselves at the forefront of the battle to safeguard their operations and consumer trust. The industry is now confronting emergent threats driven by technological advancements, such as AI-generated fraud and social media exploitation, amidst challenging economic conditions.

In 2023, the most prevalent types of fraud included identity fraud, facility takeovers, and misuse of facilities, reflecting the persistent and evolving nature of these threats.

The Financial Crime 360 State of the Industry Survey 2024, which involved participants from 32 countries, provides critical insights into the payments industry. Key findings reveal that fraud remains the foremost concern, with identity fraud being the most common type encountered.

The survey also highlights the growing investment in technologies such as AI and machine learning for fraud prevention, as well as the importance of industry collaboration and regulatory updates. These insights are crucial for payment firms aiming to develop proactive strategies to stay ahead in this dynamic and demanding environment.  Simply Fill out the form below to gain access to the infographic report.  

Front Cover of the Financial Crime 360 Survey Results 2024