How are organizations addressing fraud, cyberthreats?
- 66% of respondents say credit/debit card fraud is most common form of fraud.
- 62% say fraud incidents are still discovered not by institutions, but by customers.
- 55% say their biggest barrier to fraud prevention is simply customer awareness.
These are among the statistics of note from 2013 Faces of Fraud: The Threat Evolution.
From the growth of mobile malware to the refinement of sophisticated banking Trojans and the proliferation of point-of-sale and retail breaches, the fraud landscape continues to evolve for banking institutions globally.
But so, too, do the anti-fraud technology solutions institutions use to detect, prevent and analyze the impact of myriad fraud schemes.
So what are today's most predominant and damaging fraud incidents impacting banking institutions and their customers? And what anti-fraud investments are institutions making to thwart the fraudsters and satisfy the new demands of regulatory agencies?
These are among the questions that were answered in this survey report, sponsored by Easy Solutions and IBM. The survey pinpoints four hot topics in financial fraud:
- The Faces of Fraud 2013: What are the top forms of fraud striking financial institutions, and how prepared are these organizations to fight back?
- Fraud's Impact - The Toll: Beyond the dollars lost, what are the hard and soft costs incurred by a fraud incident?
- Deeper Dive into the Faces of Fraud: The survey drilled down into four specific areas, including what impact (if any) the updated FFIEC Guidance had on incidents of account takeover; how badly institutions are affected by third-party incidents at the point-of-sale and retail outlets; how they're deterring spear-phishing attempts aimed at bank employees; and if DDoS attacks have been tools for disruption or distraction.
- 2014 Outlook: What are the top anti-fraud solutions institutions are investing in for 2014?