Fraud has evolved into a complex business challenge that amounts to more than just monetary loss. Fraud losses due to account takeover (ATO) and new account fraud (NAF) are costing enterprises billions annually. Additionally, new and innovative attack vectors, fueled by the rise of artificial intelligence (AI), are growing at alarming rates.

Yet, the true cost of fraud is often hidden, eroding customer trust, skewing analytics, garnering regulatory probes, and overwhelming operational teams. The initial funds lost is just the beginning of a “domino effect” of additional costs likely to be incurred. Lost business due to reputational damage, resources spent on investigation, mitigation, and recovery, and non-compliance fines and legal costs extend fraud’s impacts far beyond what was taken, threatening an organisation’s entire wellbeing.

The threat environment is growing at an unprecedented pace, driven by technological advancements and a shift to digital-first interactions. Fraudsters now have access to new tactics that are not only more complex but also far harder to detect. Techniques like synthetic identity fraud—where fake identities are created by combining real and fabricated information—have become increasingly prevalent, wreaking havoc on an unprecedented scale.