New report examines recent trends in fraud losses, the forces behind those trends, and how FIs are mobilizing to address these losses.
In the pandemic era, the U.S. financial industry and its countermeasures for fraud remain woefully underprepared to stem the profoundly negative impacts of a large-scale scam epidemic of the sort that has the U.K. market on its heels. In a new Impact Report, Market Trends in Fraud for 2022 and Beyond: New Fraudsters, New Era, research and advisory firm Aite-Novarica Group examines the well-established market trends that are likely to persist as significant drivers, as well as some indications from recent events that are likely to influence how fraud executives prioritize their investments and how solution providers evolve their solutions.
“There is no shortage in enthusiasm to tackle the rising threat of scams,” said Trace Fooshee, Strategic Advisor at Aite-Novarica Group and author of the new report. “With the right spirit of collaboration and a thoughtful approach, regulators, FIs, payment networks, and solution providers have successfully—if slowly and sometimes painfully—proven that they can come together to devise standards, policies, and operating guidelines that serve to protect the public without the unintended consequences of discouraging innovation or of fostering an environment that can easily be abused.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.