100% of financial institutions made the decision to either increase or maintain their fraud prevention budgets in 2019.

 

Organizations are more aware than ever of the need to invest in unified anti-fraud protection and, although the industry has an overall security posture that is much stronger than in previous years, fraud is in a state of constant evolution and defensive tactics must evolve along with them.

The key to a strong security strategy is a firm grasp on the fraud environment in order to make smart investments and build upon existing security strengths.

Key findings include:

  • Mail continues to be the favored attack vector for phishing attacks; Cyxtera detected a 25% increase in phishing emails in 2019.
  • Reports of ransomware increased by 500% from 2018-2019.
  • It is estimated that by 2022, behavioral biometrics will replace username/password combinations.