For fraudsters, there has been no respite. The fraud economy took no pandemic hit. There was no reduction in schemes among adversaries and they experienced no job losses. Instead, shifts toward an increased dependency on digital channels have presented a myriad of new opportunities for illicit financial gain. Fraud is big business, and this past year proved business is good.
The 2021 Faces of Fraud Survey was designed to provide an objective outlook on the fraud evolution and impact of emerging technologies. This survey was conducted in the spring and summer of 2021. In all, more than 120 financial institutions, primarily from the U.S. and Canada, participated in this study. Of these institutions, 22% have in excess of $20 billion in assets under management.
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