The role of fraud in the banking industry

The Role of Fraud in the Banking Industry

***

$

Fr a

ud

Fraud against bank deposit Accounts in U.S.

54%

37%

9%

Phishing Types of Phishing

Phishing Attacks by Country by volume UK 8% Canada 3% U.S. 58%

Germany 9% France 3%

Italy 3%

India 3% South Africa 3% 48 Other Countries 10%

Targeted U.S. Banks by Phishing

$

74%

$

15%

$

11%

Financial Institutions Perception on Fraud Experienced actual commercial account fraud losses in wire transfer or Automated Clearinghouse (ACH) (Nov 2012 -13) North America

Global

$

Yes

No

Uncertain

Financial Service Industry using fraud monitoring solutions to protect against online account takeover, ACH and wire fraud

Cross-channel fraud monitoring

Online session Payment system-specific Layered security anomaly detection transaction monitoring proceses/systems

Device protection

Factors important when considering a potential technology solution to mitigate online account takeover and ACH/wire fraud

Hosted/ Cloud-based service

On-premises server-based

Source: All data from secondary sources

Cost

In-house fraud knowledge/ skills

Ease of integration

Senior-level buy-in

Technology vendor credibility