Why has online fraud become so severe? Changes in consumer behavior, such as a rise in online shopping along with greater adoption of digital payments, have provided more targets for fraud. Buy Now, Pay Later has also become increasingly popular, growing by 300% per year since 2018. Experian predicts this will be a major fraud target, as criminals use stolen or fictional identities to buy items without paying.
Fraud keeps increasing in sophistication, often carried out by organized gangs of cybercriminals. As threat actors relentlessly change techniques to bypass security defenses, IT security teams find themselves constantly on the defense—pushing their already-strained resources to the brink.