The True Cost of FraudTM Study offers an accurate picture of current fraud trends in the U.S. and Canadian retail and financial services industries by analyzing in-depth surveys from over a thousand fraud executives every year.
Building on 12 consecutive years of research, the study explores the evolution and expansion of fraud and shares insights and recommendations on how to better protect your business, successfully manage fraud risks and strengthen customer trust and loyalty.
According to the data, financial services and lending firms of all sizes and types have been negatively impacted by the COVID-19 pandemic. Average monthly fraud attacks increased overall. And what’s even more disturbing is that more of those attacks were successful than ever before.
Larger banks and lenders saw the most significant increases in successful attacks since the COVID-19 pandemic began compared to before this period. That rise in attacks is on top of a trend that was already trending upward.
Larger digital firms that conduct the majority of transactions remotely (online or mobile channels) experienced higher average monthly attack volumes than others since the start of the pandemic. Mid/large digital financial firms saw an increase of 39.48% in successful attack since before the shutdown, while mid/large digital lending firms experienced a 27.56% increase.
The study clearly reveals that small and large, as well as digital and non-digital, financial services and lending firms have all been hurt by the increase in fraud fueled by the pandemic.
True Cost of Fraud Study covers a lot of ground, but it also clarifies the three biggest challenges as you fortify your risk management strategy, particularly with mobile and international transactions:
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