Fraud’s cost goes far beyond the actual amount stolen, with a recent study finding that every dollar lost to fraud costs FIs about $4.36 in total. Moreover, this represents only directly related expenses, such as legal fees and recovery: The true cost of fraud, taking...
A substantial number of Americans can expect to experience digital fraud at least once in their lifetime. A recent study found that bad actors have stolen or compromised the personal information of four in 10 individuals in the past year. Fifty-one percent of these victims...
58% of FIs reported a rise in the cost of fraudulent transactions in 2022, which is why Seth Ruden of First Tech Federal Credit Union says “targeted friction” is essential to fighting fraud without compromising the user experience.
With the world existing more online than ever, fraud attacks targeting financial institutions (FIs) are a growing threat. Criminals are increasingly succeeding in exploiting the vulnerabilities in FIs’ systems, with approximately 59% of FIs experiencing an increase in their overall fraud rates in 2022, according...
May 30, 2023
A substantial number of Americans can expect to experience digital fraud at least once in their lifetime. A recent study found that bad actors have stolen or compromised the personal information of four in 10 individuals in the past year. Fifty-one percent of these victims lost personal funds when fraudsters compromised their accounts, and half […]
February 23, 2023
With the world existing more online than ever, fraud attacks targeting financial institutions (FIs) are a growing threat. Criminals are increasingly succeeding in exploiting the vulnerabilities in FIs’ systems, with...
December 05, 2019
Call it Russian interference of a different sort that netted $100 million from banks and financial institutions (FIs) in more than 40 countries. What would you expect from an outfit...
July 07, 2020
The U.S. Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity. Given that many scammers may be targeting customers as opposed to banks, financial […]
August 30, 2017
Cybersecurity consulting firm Akouto Consulting has a warning for businesses: There has been an increase in instances of malware able to bypass traditional antivirus measures, threatening business bank accounts. An...
