Fraud Threats and Impacts... And What To Do About It
From 2016 to 2017, account takeover fraud increased by 120%, topping $5.1 billion, according to Javelin Research. Thanks to data breaches that add to the staggering amount of personally identifiable information (PII) available on the dark web, it's easier than ever for fraudsters to commit account origination and account takeover fraud.
Banks and credit unions are rightfully concerned, with more than half of senior executives saying that preventing or mitigating fraud is somewhat or a much higher priority than other major initiatives. More than half of 506 senior-level executives surveyed from banks, credit unions, and non-bank lenders say their financial institution is more vulnerable to fraud compared to 12 months ago, according to a 2018 research study sponsored by Neustar and conducted by American Banker and SourceMedia Research.
Fraud is everyone's problem. While risk management is an obvious stakeholder in fraud prevention and detection, executives in areas including compliance, operations, IT, audit and management have reported being involved in their institution's fraud reduction initiatives.
Download this article to learn how financial institutions are using device data to prevent fraud while reducing consumer friction.