In a recent article the NACM talked about readying your defense against synthetic fraud.
The interesting part of the article was not really discussed in detail and that was the results of a recent article that the organization released. What is driving the increase in B2B fraud?
The results of the survey showed that 33% of respondents thought that synthetic identities (fake) were the driving factor. 25% mentioned automation, the same amount mentioned pressure for quick decisions and a further 17% mentioned a high workload and low staffing levels.
Those final two reasons, a large 42% in total are self inflicted and monitoring the red flags of fraud can help drive this number down.
The article is well worth a read and covers some interesting points in the fight against fraud in the modern, systematic driven age.
