Happy 2024!
With the start of a new year, the chapters of the world’s history are blank and have not been written. At Zumigo, we are taking a stab at predicting what will happen in a broad range of topics. Read below and let us know whether you agree or disagree. Let’s start with our bread-and-butter – the fraud landscape predictions:
“As organizations prioritize stronger authentication methods to enhance user security and experience, the adoption of phone-based login methods for two-factor authentication (2FA) or biometric authentication will increase.” – Tariq Ahmed, Managing Director for Canada
“The unsecure nature of using passwords to protect user identity and accounts have been proven in the past years, as evidenced by the increase in breaches and fraud. This year, an increasing number of enterprises will replace their traditional log-in methods with passwordless user authentication methods that are more effective at preventing fraud.” – Chirag Bakshi, CEO
“With the rise of GenAI tools, identity fraud will increase dramatically, resulting in tremendous monetary loss for financial institutions, merchants, and service providers alike.” – Albert Sutojo, Senior QA Engineer
“What’s old is new again. The old scams that are resource intensive, like social engineering via one-on-one contact to trick individuals to divulge personally identifiable information (PII), will become widespread with the help of GenAI. AI algorithms can automate the creation of scam materials such as impersonating anyone’s audio or video or deepfake photos; scrape social media sites for useful information; or create fake identities to apply for loans or accounts.” – Yu-Ting Huang, Senior Director of Marketing
Artificial intelligence (AI) is the buzz word right now. We have some AI and AI-related predictions:
“By the end of 2024, Large Language Models (LLMs) such as ChatGPT, GitHub Copilot, and Amazon CodeWhisperer will be the primary sources for initial coding inquiries, consulted first in 75% of cases. This evolution will mark a significant shift from traditional platforms like StackOverflow to AI-driven solutions for early-stage problem-solving. Embedded within IDEs, these LLMs will offer real-time coding assistance, streamlining the development process and enabling developers to concentrate on more intricate and innovative aspects of software creation. This change will not only boost efficiency but also democratize access to coding, making it more accessible to beginners and significantly altering the landscape of software development toward an AI-augmented future.” – Harish Manepalli, CTO
“The rapid advancement of Generative AI (GenAI) will assist professionals in extracting critical information from different sources, including documents and databases, so that they can be more effective and productive in their jobs.” – Sutapa Maity, Vice President of DevOps
“GenAI is likely to see continued advancements in 2024, leading to improved natural language understanding, content creation, and potentially more sophisticated applications in various fields – including fraud. Ethical considerations and responsible use of generative GenAI are also expected to be topics of discussion as the technology evolves.” – Tariq Ahmed, Managing Director for Canada
We also look beyond our daily lives in technology. Here are a couple of predictions that touch on our economy and the world:
“When the pandemic started in 2020, the U.S. government pushed $2 trillion of aid into consumers’ hands but half or more of those funds were stolen. This created an artificial demand for goods and services from consumers that normally would not have the means to buy. They purchased goods with stolen money and were willing to pay a premium, helping to drive up inflation. In 2024, consumer demand for goods and services will return to normal levels which should have the effect of driving down the price of goods and services that the average consumer purchases. Also, in anticipation of the next global pandemic, I predict that state and federal governments will have better identity verification controls in place to prevent this level of fraud that continues to impact everyone today.” – Brian Libonate, Senior Product Manager
“In 2024, there will be a global groundswell of support for world peace, as communities have access to the horrors of war via the Internet that facilitates information sharing. The medical community will discover and pilot alternative cancer treatments that are less painful and invasive than current gold standard treatments, including chemotherapy and radiation.” – Sutapa Maity, Vice President of DevOps
And finally, some fun predictions:
“The San Francisco 49ers will make it to the Super Bowl in 2024 and there is a good chance they will be Super Bowl champions!” – Chirag Bakshi, CEO
“Novak Djokovic will win the Australian Open. Rafael Nadal will win the French Open. The Golden State Warriors will win the NBA Championship title. And Tiger Woods will win the Masters.” – Kevin Lee, Head of Talent Acquisition
“Costco stocks will rise above $700 per share. 49ers will win the Super Bowl. And Simone Biles will win the Gymnastics All Around in the 2024 Olympics.” – Glenda Boja, Senior QA Engineer
“Foods that accommodate different dietary restrictions, such as nut-free, vegan and gluten-free, will become mainstream – and not just at Whole Foods! Also, I predict Argentina will win Copa America 2024.” – Yu-Ting Huang, Senior Director of Marketing
Lots of sports fans here, and especially support for the 49ers! What do you think? Are we on point? Drop us a note and share your thoughts with us.
*The above predictions are the personal opinions of the employees and are not representative of the entire company.
Yu-Ting Huang is Sr. Director of Marketing at Zumigo. Comment or questions? Find her at on LinkedIn @yutinghuang.