Between 16 and 22 November, the 25th annual International Fraud Awareness Week took place and this year saw some significant strides in terms of fraud prevention. Safecyber, a fraud security company, claims to have basically eliminated the threat of Card Not Present (CNP) fraud. Using a safety protocol known as Dynamic Security Code, Safecyber noted that a financial arm of the Irish Post Office suffered no CNP-related fraudulent activity in 16 months once this protocol was put in place. Nevertheless, there is still much to be done to tackle fraud around the world.
Escalating Risk From Cyber-Enabled Fraud
Cyber-related fraud has been on the rise for some time. Across all regions, from the UK to the US, Europe, Asia, and Australia, online users across a wide range of online activities are becoming more aware of the growing threat of fraud. It can take many forms, such as phishing. The types of threats most frequently in play can also differ by region. For example, in the UK, phishing attacks and remote account takeovers are becoming a scourge.
In Australia, platforms like online casinos have been known to be targeted in the past. However, the industry has fought back. These days, the best online casinos accessible to Australian players tend to come with advanced security features and are known for facilitating instant withdrawals. These kinds of payment systems enable players to receive their winnings instantly but also cater to a wide range of payout methods and better security features in instant withdrawal casinos.
As the International Fraud Awareness Week event went on, some key studies were also highlighted. One showed that in 2024, cyber fraud had been identified by 68% of financial-services professionals in North America. Meanwhile, CNP fraud was forecasted to hit US banks to the tune of US$12 billion by the end of 2025. This marks an almost US$2 billion spike from last year.
Amid these escalating numbers, banks and other large financial services providers are fighting back. By pumping billions more into fraud detection and prevention research, the industry hopes to better curtail the numbers going forward. However, industry insiders acknowledge that this is a multifaceted issue encompassing everything from identity theft to cross-border security threats. One of the biggest drawbacks is the fact that perpetrators and the syndicates behind them are just as dynamic at coming up with schemes that can bypass new security measures.
Organised Campaigns and Business Collaboration
During the week, many firms announced new programmes to fight fraud. A major global bank will host more than 20 educational workshops for employees and clients. Insurance firms are highlighting measures to protect both businesses and households from schemes designed to exploit policy-holders. The campaign website invites organisations to host seminars, issue proclamations and share resources.
Several tech and security firms have pledged to provide tool-kits, videos and downloadable guides to support fraud awareness activity. This collaboration across sectors reflects recognition that fraud cannot be tackled by any one actor alone. Firms involved in payments, insurance, banking, retail, and the crypto mining sector all face overlapping exposure to the threat.
Rising interest in generative-AI tools is seen as yet another reason to tighten controls now. Many tech experts highlight the alarming number of ways AI will likely be used to commit fraud in the future. As AI video technology becomes indistinguishable from reality, the scope of its fraud capabilities is terrifying.
What Consumers and Businesses Can Do
Consumers are urged to remain alert to unexpected messages, unusual payment requests and real-time payment fraud. Fraudsters often impersonate trusted contacts or brands. Dual-factor authentication and strong passwords can help reduce the risk of account take-over. Businesses should review internal controls, staff training and vendor access. Many incidents trace back to third-party links or weak remote access protocols.
Large firms stress the value of scenario-based training in showing staff how a fraud attempt might be launched. Real-world case studies often make the risks clearer than generic warnings. For households the message remains simple. Check bank statements regularly and question uninvited calls or emails. Confirm payment details before sending money. A bigger signal this year is that fraud defenders no longer wait for the “when” and are acting now in the annual awareness week.
The global observance of International Fraud Awareness Week highlights a shared challenge faced by every nation, industry and individual. The week encourages action, not just discussion. Fraud risks will continue to evolve and response must keep pace if harm is to be reduced.