This new report offers the first overview of the results of ISMG's new, groundbreaking survey on fraud trends.
Payment card breaches, check fraud and phishing/vishing - according to this new research, these are the most common forms of fraud striking banking institutions today. Yet, how are institutions typically made aware of these incidents?
More than 75% of the time, banks first detect fraud when they are notified by their own customers.
This is just one of the sobering results from the new Faces of Fraud: Fighting Back study conducted by BankInfoSecurity.com. See the Executive Summary for a first-hand look at the eye-opening survey results and how institutions can act upon them, including:
- The most common fraud threats to banking institutions;
- Cross-channel fraud schemes - how prevalent are they?
- Resources - how are banking institutions preparing to fight fraud in 2011?
- The roles of customer awareness and technology tools in fraud detection and prevention.
Faces of Fraud: Fighting Back is an annual study, giving industry members and analysts insight that they can track and measure over time. Results are analyzed and disseminated through a variety of electronic media, including whitepapers, audio interviews, webinars and at major industry events.
The survey is sponsored by:
41st Parameter prevents person-not-present fraud for the world's most valued and recognized brands. 41st customers report some of the lowest fraud loss rates in the industry while enjoying review rates as low as 1%.
FICO(TM) Falcon® Fraud Manager is the industry leader in financial fraud detection, protecting over 2.1 billion accounts globally, saving institutions over $10 Billion worldwide. Go to http://www.FICO.com/fraud to find out how.
FIS provides the expert guidance and leading solutions our clients need to detect and prevent new types of fraudulent activity, track and maintain regulatory updates and manage risk levels.
For more information on the Faces of Fraud: Fighting Back survey, please visit: https://www.bankinfosecurity.com/surveys.php?surveyID=9
About ISMG: Based in Princeton, N.J., Information Security Media Group publishes BankInfoSecurity.com, CUInfoSecurity.com, GovInfoSecurity.com and HealthcareInfoSecurity.com, which are one-stop sites for the latest news, insights and education on the top information security issues facing U.S. financial institutions and government agencies today. Through articles, webinars, podcasts, blogs and news alerts from federal regulatory agencies such as the FDIC, GAO, NCUA, HHS, FTC and NIST, the ISMG team is committed to providing up-to-date information on the security regulations, threats, solutions, training and career trends that most impact banks, credit unions, government agencies, healthcare organizations and other related enterprises. Leading companies supporting and benefiting from these initiatives include CA, Fortify, RSA Security, IBM, Symantec and VeriSign.