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2023 Outlook For Identity Fraud Verification and Cyber Security

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Ranjan R Reddy, Founder & CEO of Bureau, an identity orchestration platform that provides a safety net to businesses, solving identity fraud risks with its AI-powered solution, shares his perspective on identity frauds in 2022 and the way ahead:

“2022 was filled with news about crypto meltdowns, synthetic ID fraud, phishing, fraud rings, UPI fraud, money laundering, collusion, OTP theft, and referral abuse, to name a few. Online fraud has exploded as attackers constantly evolve their techniques for maximum benefit, leading to financial and reputation loss for businesses across industries.

In 2023, businesses must look beyond traditional approaches and opt for digital-first technologies that combine AI, machine learning, behavioural biometrics, and device intelligence. It will also be crucial for all stakeholders to collaborate and create a pro-privacy data infrastructure. In the wake of rising data leaks and alarming identity theft incidents, the key focus for organisations across sectors will be to ensure trust and security by creating an underlying risk infrastructure that will help protect user data, simplifying the user journey by creating a secure, transparent and frictionless experience across sectors. This will further pave the way for innovation and scalability.”

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