The rate of fraud alerts is "absolutely" going up, according to Deloitte U.S. risk & financial advisory principal Satish Lalchand.
About 60% of credit card holders in 2023 experienced some sort of attempted fraud, according to Experian.
"Fraud in general across all channels, whether it's check fraud, credit card fraud payments, the peer-to-peer payments, everything, is significantly increasing at a very rapid pace," Lalchand said.
It has forecast a persistent threat that could reach nearly $400 billion in card fraud in the decade to 2032.
"When we come down to credit cards, financial institutions are investing more in the concept of fraud and fraud modernization, replacing older technology and having better fraud detection capabilities, and retuning their alerts," Lalchand said.
Persons:
it's, Satish Lalchand, Lalchand, Nilson, That's
Organizations:
Deloitte U.S, Global, U.S, Visa