Preventing fraud has been a challenge for businesses for centuries. Old fraud tactics continue to be used today in addition to hundreds of other types of ways to commit fraud that have emerged as new ways to provide business services and products have been adopted. In recent years the opportunities to commit fraud have burgeoned as the COVID-19 pandemic thrust businesses suddenly into situations where workers worked remotely and consumers purchased more frequently remotely, online and through social media sites and new apps, usually assuming that all was secured. And to expand the fraud risk environment even more, many new and emerging types of technologies with insufficient-to-no security controls are being widely adopted by organizations of all types, bringing more fraud pathways.

Many of the new types and trends for committing business fraud included the expanded use of cryptocurrencies for business payments, and utilizing AI and similar tech to create synthetic identities to commit a wide range of frauds. There are many other tactics being used, but these are two areas of quickly increasing fraud. Businesses are in the midst of a perfect storm of digital fraud.