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2023 ISMG Faces of Fraud Report

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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.