Digital innovation has changed everything: the money is behind apps, so every online business is a potential target for fraud.
Banks and financial institutions used to be the primary targets of fraud. Why banks? “Because that’s where the money is,” to quote the notorious American bank robber Willie Sutton. While banks remain firmly in the crosshairs of fraudsters, the speed of digital transformation has made every company susceptible.
In the new digital economy, every business with an online presence is a potential target for fraud. The same technology that helps us find airfare deals, sweet concert seats, or the best prices on the hottest Jordan shoes—that is, automation—can now be used by criminals to scale and adapt their attacks.
Fraudsters employ bots and automated attacks that scour apps looking for any opportunity to hijack business logic, take over customer accounts, and extract their value. And since fraud targets your business processes beyond industry-known weaknesses or vulnerabilities, you may not know when it is happening or have the best tools to protect your customer accounts, revenue, and brand.