The Fraud Blog with Tracy Kitten

Low-Tech Fraud Targets Banks, CUs

Prelim Survey Results Reveal Startling Fraud Trends
Low-Tech Fraud Targets Banks, CUs

Which types of fraud are hitting banks and credit unions where it hurts?

See Also: Webinar | Just-In-Time Access: Reducing Risks and Improving Velocity

According to initial results of our ongoing 2012 Faces of Fraud survey, the most prevalent forms of fraud include check and payment card fraud, as well as corporate account takeover.

Now, what types of fraud are banking institutions best prepared to prevent and detect? Different question entirely - and so are the preliminary answers.

I don't want to give away too much of what we're gleaning from the early survey results, but I do want to encourage you to take the survey, if you haven't already, and make sure your insights are included in our final results when the survey closes.

A follow-up to ISMG's 2011 Faces of Fraud Survey, this latest study looks not only at the latest fraud trends and how institutions are fighting back, but also at their progress in putting together layered security controls in conformance with the FFIEC Authentication Guidance. Sample questions include:

  • What are your organization's biggest challenges to fraud prevention?
  • Which elements of the FFIEC Authentication Guidance has your organization completed?
  • How will your fraud resources (budget and/or personnel) change in the coming year?

Our goal? To glean the most inclusive view of continuing and emerging fraud schemes, as well as a bit about the investments institutions are making to prevent losses linked to those schemes.

A sneak-peak of the 2012 survey's findings will be presented March 2 at the RSA Conference in San Francisco.

Presented by Tom Field, editorial director of Information Security Media Group, and U.S. Secret Service Agent Erik Rasmussen, The Faces of Fraud: An Inside Look at the Fraudsters and Their Schemes discussion will highlight the fraud trends we pick out, as well as technologies leading institutions are investing in to thwart fraud losses.

Last year's survey offered some stunning results. Among them was the answer to the question, "When is a fraud incident involving your organization usually detected?" Seventy-six percent of respondents said "When a customer notifies us."

How do respondents answer that same question in 2012? Well, you'll have to stay tuned to find out.

Again, if you haven't already, I encourage you to take a few moments to complete our survey


The 2012 Faces of Fraud survey runs for a few more weeks. I'm anxious to see if the final results support the trends I see emerging now.

About the Author

Tracy Kitten

Tracy Kitten

Former Director of Global Events Content and Executive Editor, BankInfoSecurity & CUInfoSecurity

Kitten was director of global events content and an executive editor at ISMG. A veteran journalist with more than 20 years of experience, she covered the financial sector for over 10 years. Before joining Information Security Media Group in 2010, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by, ABC News, and MSN Money.

Around the Network

Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing, you agree to our use of cookies.