2023 ISMG Faces of Fraud Report
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.