This week, Fraud of the Day is featuring a series of blogs centered around International Fraud Awareness Week, and the tools and solutions LexisNexis® Risk Solutions have to help you address your fraud and identity challenges.
Every November during Fraud Week, hundreds of organizations around the world pledge to increase fraud awareness in their workplaces and communities. The week was established by the Association of Certified Fraud Examiners (ACFE) in 2000 as a dedicated time to encourage business leaders and employees to proactively take steps to minimize the impact of fraud by promoting anti-fraud awareness and education. This is more important now than ever before.
Today’s fraudsters aren’t working alone. They have technology. Considering how we have put our “life” online, our digital identity is more important than ever. The acceleration of digital transformation resulted in a surge of online transactions, greater adoption of digital payments, and increased fraud. As more daily activities shift online, fraud is also on the rise.
Fraudsters go where the money is — now their attention has increasingly shifted to funds being allocated by the government.
The amount of money currently collected, held, and redistributed at the federal, state, and local levels is unprecedented. Trillions of dollars are quickly and electronically distributed to help people in need. While this is entirely appropriate for those who qualify for assistance; it can unfortunately open the door to those with criminal intent.
Additionally, legacy systems challenge agencies seeking to securely digitalize operations without incurring significant risk. This creates an environment ripe for fraud, waste, and abuse.
Where are fraudsters focusing their attention in 2022?
Find out the answer in our Top Fraud Trends infographic.