New fraud vectors – and new ways you can combat them

Finance

Sponsored by Mitek Systems

Chris Briggs, Chief Product Officer, Mitek Systems

Fraud is no longer just evolving. It’s transforming, with digital identity fraud such as deepfakes, injection attacks and template attacks becoming increasingly sophisticated. Recently Mitek’s Chris Briggs (Chief Product Officer) and Adam Bacia (Senior Director of Product Marketing), sat down to talk all things digital fraud, and identified actions businesses can take to deal with and safeguard against them.

Deepfakes are already impacting businesses

Deepfakes represent a significant challenge for fraud detection. These manipulated pieces of content – such as synthetic faces or falsified documents – are often indistinguishable from real data without advanced fraud detection tools. Many businesses are unaware they’ve already processed deepfake content, highlighting the urgency of investing in specialised cyber-security solutions.

Understanding fraud vectors

Digital identity fraud attacks are extremely complex and diverse. Presentation attacks occur directly in front of the camera, such as when someone physically presents fake IDs. Injection attacks happen behind the camera, where data is altered during transmission.

Deepfakes are a unique threat, manipulating content as it moves through channels, often blending seamlessly with legitimate data. Addressing these fraud vectors requires a nuanced approach, considering the many ways they can combine to compromise security.

Why layered security matters

No single solution can address every form of fraudulent activity. Instead, organisations must implement layered cyber-security defences, creating a “moat” that safeguards against both known threats and emerging risks. This proactive approach ensures businesses are ready for the next wave of fraud.

A wake-up call for organisations

Post-review audits frequently uncover deepfake fraud that went unnoticed during processing. Often, companies even onboard synthetic customers as a result of undetected content manipulation. Without comprehensive fraud detection strategies, businesses risk significant financial and reputational damage.

Protecting your business from modern digital identity fraud starts with awareness, extends to adopting advanced fraud detection solutions and relies on maintaining a multi-layered defence strategy.

The bottom line is that staying ahead of fraudsters requires the ability to understand fraud vectors such as deepfakes and injection attacks, leveraging layered defences and continuously evolving to meet the challenges of tomorrow.

Discover how to defend against gen AI identity fraud with Mitek