The 2023 Faces of Fraud report illuminates insights from over 150 security professionals regarding the fraud challenges, gaps and future strategies at their respective financial institutions. Key takeaways include:
Technology exploitation: Scammers are using advanced technologies such as generative AI and deepfakes to enhance fraud attacks
Impact of rapid change: 83% of respondents say their top concern is that fraud schemes are evolving too quickly to keep pace … nearly doubling from 43% in 2019
Visibility issues: Only 40% of respondents say they have visibility into the impact of a phishing attack and only 19% say they can identify fraud exploits in real-time
Siloed systems: 80% say their fraud controls do not talk to one another ... the top barrier to improving prevention
For more perspectives, watch the video.