Account takeover named top fraud risk for businesses
Fraud losses and customer experience are top-of-mind for financial institutions, according to the "2021 Fraud Transformation Survey: Detecting and Preventing Emerging Schemes" from BioCatch, a study independently conducted and prepared by Information Security Media Group.
Based on a global survey of financial institutions, the report reveals the fraud threats creating the most concern and financial impact, the changing role of fraud management within organizations and the business challenges driving investment in new fraud prevention technologies. The survey polled fraud and cybersecurity professionals at more than 175 financial institutions across the globe and was conducted between July 1 and August 20, 2021.
Some of the key highlights of the report include:
- Account takeover was cited as the fraud threat causing the most concern by 72% of global financial institutions surveyed. Other top fraud threats cited include phishing, synthetic ID fraud and social engineering scams.
- Half of financial institutions cite loss of productivity as the biggest non-financial impact of fraud.
- 47% of responders state lack of visibility into risks introduced by new digital technologies as a top fraud management challenge.
- 2 out of 3 of financial institutions expect to increase their investment in anti-fraud resources.
The report also revealed customer experience is becoming as equally important to financial institutions as managing the bottom line from fraud losses. Among financial institutions surveyed, 62% cited making customers feel secure as a top priority for investing in fraud prevention technology.
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