Only 34 percent of surveyed security leaders say they have high confidence in their organization's ability to detect and prevent fraud before it results in serious business impact. Among the reasons why they lack confidence:
- Today's fraud schemes are too sophisticated and evolve too quickly (56 percent of respondents)
- Customers and/or partners lack sufficient awareness to protect themselves from socially-engineered schemes (56 percent)
- Employees lack that same awareness (52 percent)
These are among the results of the 2016 Faces of Fraud Survey, sponsored by SAS and focused on The Analytics Approach to Fraud Prevention.
Encouraging news from the survey results? Forty-six percent of respondents say they actively deploy advanced data analytics to monitor transaction/program activity and predict the likelihood of fraud.
But there is also concerning news: Forty-two percent say they lack the staff expertise to successfully deploy advanced data analytics tools, and 45 percent say their current systems allow for only limited analytics.
Download this survey report for a detailed look at the forms of fraud afflicting financial and government organizations; their current security controls - and gaps; and where they plan their biggest anti-fraud investments for 2017.