The fraud landscape is evolving rapidly, driven by increasing cyberattacks, advances in artificial intelligenceand increasingly sophisticated scams. In fact, our latest Experian UK Fraud and Fincrime Report 2024 shows that in 2023, fraud volumes increased by 9.3% in the UK, with third party fraud being the most prevalent. More than half of companies also reported an increase in fraud losses, and seven in ten companies expect their fraud management budgets to increase.

This situation highlights the constant pressure placed on anti-fraud teams within companies and highlights the urgent need for robust fraud prevention strategies. A proactive and adaptive approach to combating fraud is essential. So what can businesses do to stay ahead in this challenging environment?

1. Adapt strategies to increased digital adoption by consumers