David Anderson is principal of David Anderson & Associates, a Philadelphia forensic accounting firm that provides a full range of business valuation and other forensic accounting services in Philadelphia and the Delaware Valley.

 Each year, the Association of Certified Fraud Examiners (ACFE) publishes its list of the top fraud trends for the upcoming year.

This year’s list includes the following:

• Synthetic identity fraud has now increased to be the most prevalent fraud – Various AI tools continue to be used to create deepfakes as well as image, document and text generation of fraudulent persons or organizations. These range from such scams as the phone call from a relative claiming to have been arrested and needing money to post bail to companies receiving e-mails purportedly from a traveling executive requesting the immediate wiring of funds. Criminals will continue to perpetuate frauds using synthetic identities.  These synthetic identities will also be used to fraudulently create new bank and financial accounts, take out loans, obtain government benefits, and persuade companies to pay fraudulent invoices.  Fraudsters can also build credit histories over time by making small payments to gain trust before eventually defaulting on high credit limit credit cards.
• Cryptocurrency scams have grown to be the second most-prevalent fraud – Well-organized networks are targeting both consumers and larger companies. Using romance and other scams, cyber-criminals are steering their victims to fake investment platforms located abroad.  Victims are convinced to make investments in cryptocurrencies through these platforms, but find they are unable to access their funds or that their funds have mysteriously disappeared.
• Account takeover scams involve cyber-criminals posing as bank or investment company representatives who convince their victims to divulge login credentials and/or authentication codes. Once they have access to victim accounts, these fraudsters are using technological advancements to bypass multi-factor authentication, hijack victim accounts, and make unauthorized transactions.  As of November 2025, the FBI reported more than 5,100 complaints and over $262 million in losses.
• Document fraud has also been increasing – Advances in generative AI have helped increase the sophistication of document fraud by giving fraudsters the opportunity to create financial documents that are entirely synthetic and lack any original source file or trail. These include fraudulent pay stubs, bank statements, invoices, and tax records which are constructed with realistic formatting, logos, and signatures designed to bypass intense document checks.
• Digital injection deepfake attacks have also increased – These involve the use of AI-generated media fed directly into biometric and identity verification systems. Fraudsters use synthetic faces, manipulated videos or fabricated voices to complete a “liveness” check or authentication steps required for an account to be created or logged in to.  These attacks bypass the camera entirely by injecting falsified media at the software level.

So, which industries are most affected by these frauds?

• Financial institutions and banks are the top victims, continuing to face high exposure as fraud schemes become more complex and automated. Large banks are currently reporting fraud losses nearly four times the industry average.  In addition, 46 percent of financial institutions noted an increase in fraud sophistication, driven by synthetic identities, account takeovers, and other of the frauds discussed above.
• Health care also ranks very high as a sector being targeted by fraudsters. Common health care schemes include billing fraud, kickbacks, identity theft, fraudulent tele-med operations, and misuse of government programs.
• Technology companies face continued risk from data breaches, vendor compromises, and credential exposure. Interconnected systems and third-party integrations can amplify and exploit vulnerabilities. Data breaches often lead to downstream fraud, including account takeovers, phishing campaigns, and identity creation using compromised data.
• Government agencies face persistent threats from fraud schemes targeting benefits programs, procurement processes, and taxpayer data. Impersonation of government officials remained a frequent tactic in 2025, often being supported by deep-fake audio or video.  Synthetic identities are also being used to submit fraudulent applications for government benefits.
• Retail organizations saw continued increases in payment fraud, account takeovers, refund abuse and real-time payment scams. Online retailers are projected to lose around $52 billion in online payment fraud in 2025.  These losses are projected to grow to more than $225 billion by 2029.

These fraud trends will require companies and professionals to develop better understanding of how AI is being used as well as to develop new tools and technology to fight these frauds.  This includes implementing stronger identity verification, better detection models, and updated education and training on AI capabilities.

If you require the services of a Certified Fraud Examiner or any other forensic accounting services in Philadelphia and the Delaware Valley, please contact the Philadelphia forensic accounting firm of David Anderson & Associates by calling David Anderson at 267-207-3597 or emailing him at david@davidandersonassociates.com.

About David Anderson & Associates

David Anderson & Associates is a Philadelphia forensic accounting firm that provides a full range of forensic accounting services in Philadelphia and the Delaware Valley.  The experienced professionals at David Anderson & Associates provide forensic accounting, business valuation, fraud investigation, litigation support, economic damage analysis, business consulting and outsourced CFO services. Company principal David Anderson has more than 30 years of experience in financial and operational leadership positions and is a Certified Public Accountant, a Certified Fraud Examiner and a Certified Valuation Analyst.