Key Takeaways:

  • 79% of banks say fraud attack 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

 

Cybercriminal fraud attack strategies continue to evolve faster than traditional defense solutions can keep up. That’s the clear message of Cyxtera’s 2019 Faces of Fraud report, conducted in conjunction with the Information Security Media Group. The survey is the result of interviews with security professionals from over 150 financial institutions about what threats they are seeing in the field, and what measures they are taking to stop them.

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 Cyxtera VP of Global Operations, Michael Lopez.