Key Takeaways:

 

  • 79% of banks said fraud attack had volume increased or stayed steady.
  • 70% of banks say financial losses from fraud increased or stayed steady.
  • 34% of banks say their top anti-fraud gap is an overreliance on manual processes.
  • Fraud attack strategies continue to evolve faster than traditional defense solutions can keep up. That’s the clear message of the 2019 Faces of Fraud report, created by AppGate (formerly Cyxtera) in conjunction with the Information Security Media Group. The survey is the result of interviews with security professionals from more than 150 institutions about the threat landscape. 

    View the infographic summarizing key findings here

Other Key Findings From the Report:
 

  • Payment card fraud, ACH/wire fraud, and phishing are the most commonly cited threats.
  • Nearly half of banks experienced a loss of productivity due to fraud attacks.
  • Chief barriers to better fraud prevention: lack of communication between solutions and fear of ruining the customer experience.

Faces of Fraud 2019

Download the full report, as well as a podcast interview with AppGate's VP of Global Operations, Michael Lopez