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2024 predictions from Convera

November 2023 by Convera

In the dynamic realm of cybersecurity, Alex Beavan, Convera’s Head of Ethics and Anti-Corruption and former British Intelligence officer, shares his anticipations for the upcoming year. Offering a comprehensive outlook on the evolving threat landscape, Beavan delves into the rising menace of AI-enhanced Business Email Compromise attacks orchestrated by organized crime groups. Additionally, he sheds light on the imperative cultural shifts required to combat fraud in B2B payments.

With a keen eye on the intersection of technology, criminal tactics, and organizational strategies, Beavan’s insights provide a nuanced perspective on the multifaceted challenges that will shape the cybersecurity landscape in 2024.

AI-Fueled Deceit: The Rising Threat of Business Email Compromise by Organised Crime

Entering the new year, Business Email Compromise (BEC) looms as a formidable challenge, intensified by organised crime groups leveraging the potency of AI in their deceitful schemes. Brace for an impending surge in investment scams over the upcoming months. Originating in the UK and Australia, these scams are now infiltrating the US, with a looming threat of spreading across Europe. The battleground against cyber threats is escalating, demanding heightened vigilance and decisive action.

Possible sources of financial crimes heading into 2024

Entering 2024, financial crimes are poised to surge from the shadows, finding new breeding grounds in the emergent ESG landscape. The relentless march of regulation in the payments industry paves the way for an ominous uptick in associated financial malfeasance. Brace for impact as the battleground expands, and the stakes reach unprecedented heights.

Fraud and compliance landscape for 2024

Fraud will skyrocket. AI emerges as an imminent menace, rendering red flags in scams more elusive. Brace for an era where the battle against deceit reaches unprecedented challenges.

Security with the speed of real-time payments

In the era of lightning-fast real-time payments, security is non-negotiable. As transactions surge in the new year, so do the imperatives of robust screening. Customer demand for instant access and control will intensify. Companies must tread the razor’s edge, aligning business strategy with real-time dynamics while staunchly mitigating the escalating risks. Speed demands security, and only those who master the balance will thrive moving forward.

Cultural and organisational changes to come

Payment companies, in an era of evolving threats, must shed the burden of wearing too many hats. Mitigating the dynamic evolution of fraud and compliance demands a specialised skill set, particularly in the realms of investigation and the relentless pursuit of illicit funds. Companies must adopt a dedicated and unwavering approach to confront these issues head-on. Specialisation is the armour against the ever-shifting landscape of financial risks.

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