Notes From a Year Inside America's Expanding Ecosystem of Fraud

SentiLink Head of Fraud Insights David Maimon's year-end write-up at American Banker is very much worth a read. In 2025, he argues, fraud markets looked increasingly like mature e-commerce platforms. Vendors selling stolen identities and other fraud tools offer bulk discounts, referral bonuses, and even seasonal promotions to build trust and retain customers.

Fraud itself is maturing, too. Romance scams, check fraud, FAFSA fraud, etc. are increasingly perpetrated by organized groups via coordinated workflows with complete with scripts, coaching, laundering partners, and clearly defined roles.

In other words, fraud has become infrastructure. As David writes: "Progress will come from our ability to better understand fraud as a system, connecting upstream intelligence with downstream impact."

Read the full article: https://www.americanbanker.com/opinion/notes-from-a-year-inside-americas-expanding-ecosystem-of-fraud