The Fraudian Slip Podcast ITRC - 2024 Predictions

Show Transcript

Welcome to The Fraudian Slip, the Identity Theft Resource Center’s (ITRC) podcast, where we talk about all things identity compromise, crime and fraud that impact people and businesses. Listen on Apple, Google, Spotify, SoundCloud, Audible and Amazon now.  

It’s that time of the year. We are not talking about the time of gathering with friends and families to celebrate the holidays and traditions. No. We are talking about something else that happens this time each year – when otherwise normal business people turn into fortune-tellers and try to predict the future.

We stare at tea leaves, toss some rune stones, our Magic 8 Balls get a workout, and we confuse snow globes with crystal orbs that predict what will happen in 2024. We are talking about the ITRC 2024 predictions.

We’ve done that around the ITRC campus, and joining us to talk about what to watch out for in the next 12 months is James Ruotolo, Senior Director of Financial Services at SAS and an ITRC Board Member. We also have the ITRC’s own President and CEO, Eva Velasquez, and COO, James E. Lee. 

We Discussed the Following:

• What happened in 2023 and whether or not the ITRC’s predictions came true.
• Some of the top ITRC 2024 predictions.

ITRC 2024 Predictions:

1. The risk of AI-driven identity scams that impact large numbers of people will be over-stated while the potential for targeted attacks on single or small groups of individuals will be underestimated. The availability of compromised consumer data and the use of large language models (LLMs) may result in AI-created, highly convincing “medical records” that could be submitted to insurance carriers. The greatest risk from generative AI will continue to be mis- and dis-information.
2. An unprecedented number of data breaches in 2023 by financially motivated and Nation/State threat actors will drive new levels of identity crimes in 2024, especially impersonation and synthetic identity fraud. That will, in turn, drive more adoption of biometric-based identity verification (not recognition) tools to prove people are who they claim to be.
3. More states will adopt comprehensive data privacy and security laws. Congress will not.
4. Privacy concerns over the use of biometrics will overshadow the legitimate use cases. Despite the fact that there are safe and ethical uses of biometrics in the authentication and verification space (provided they are consent based and privacy centric), law makers and the public will push back due to this lack of understanding.
5. The emotional toll of identity crimes will continue to increase, and assistance providers will struggle to meet the emotional recovery needs of victims. Identity crime victimization is too often classified as not creating trauma that requires support, despite the fact that our latest Consumer Impact Report notes that 16 percent of respondents contemplated suicide as a result of victimization.

DOWNLOAD THE ITRC 2024 PREDICTIONS 

Read a full recap of our 2023 predictions and how we fared, along with an in-depth look ahead to 2024 at www.idtheftcenter.org/identity-theft-resource-center-2024-predictions  

Contact the ITRC

You can learn more about the ITRC 2024 predictions, scams that impact your identity, privacy, and security, or get help if you have been the victim of an identity crime by visiting the ITRC’s website, www.idtheftcenter.org.

We are taking the rest of the year off. However, we will return in January with Season 5 of the Weekly Breach Breakdown and the Fraudian Slip. Thank you to everyone who listens to our podcast and comes to the ITRC for support and information. From all of us at the ITRC, we wish you the happiest of holiday seasons with your friends and loved ones – and a safe, prosperous and secure 2024.