Five Fraud Terms For 2023

From fraud in the cryptocurrency sphere to the buzz around fake accounts, digital fraud was a hot topic in 2022. 

With smartphone penetration having nearly doubled in the last 7 years, more and more services are continuing to go online to keep up with the rising demand for mobile solutions, including digital banking and gaming, just to name a few.  

But the digitalization of everyday activities has widened the attack surface for fraudsters. In the e-commerce industry alone, losses to online payment fraud are expected to reach nearly USD 50 billion in 2023

There are expected to be 6.84 billion smartphone users this year, which makes it imperative that both businesses and users are aware of the fraud attack possibilities. Here are some key fraud terms to keep in mind for 2023.