The future of payment fraud could be automated

Payment fraud is becoming more organized, automated, and AI-enabled: criminals increasingly use stolen credentials, deepfakes, synthetic identities, website skimming, automated card-testing, and social-engineering to execute account takeover, APP scams, card-not-present fraud, and insider-assisted theft. Consumers and institutions report rising concern about the effectiveness of traditional defenses (passwords, some MFA, and certain biometrics), while the report emphasizes the need for coordinated, enterprise- and sector-wide defenses and stronger third-party risk management.