In a recent interview with Merchant Fraud Journal, Fraud.net CEO and co-founder Whitney Anderson discussed the current and future state of fraud along with the leading technologies and trends to look out for in 2020.

Fraud is more nuanced, more complex and evolving faster than ever before. Perpetrators are armed with increasingly powerful computing, detailed consumer data, advanced algorithms, and more capital. These groups can successfully iterate their way to defrauding even our most revered companies, circumventing even the most advanced defenses from this past decade.”

“For years, it was enough for a large organization to look only inward for the data needed to build their risk management program.  Some companies would share blacklists of single-dimensional metrics (names, addresses, emails and phone numbers), usually with some degree of success.  Today, however, fraudsters’ ability to purchase or manipulate identity elements renders both strategies relatively ineffective.”

Some of the top technological trends for 2020 to combat increasingly sophisticated fraud include the use of Data Enrichment, Consortium & Collaborative Data, and Platforms & Unification of Silos. 

Read the full article and learn how these trends are helping companies stay ahead of current threats and new fraud patterns to emerge in 2020.