4 Trends for Banks to Combat Fraud

• Scams: 64% of banks report at least a 10% rise in scams in the last 12 months
• Check Fraud: Banks with < $8B in assets rank check fraud as their top concern, the most time-consuming and costly.
• Real-Time Monitoring: #1 investment priority for banks in the next year, but 45% report their core provider is missing real-time monitoring capabilities.
• Operational Efficiency: 52%
of banks rely on engineering to build and deploy rules; therefore, they can’t get rules deployed for up to 8 weeks!

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The banking industry is facing a fraud crisis that's not just changing—it's escalating rapidly. Payments are moving faster than ever, and new fraud vectors are emerging continuously. Although banks are seeing fraud increase, some have had success implementing things such as Real-Time Monitoring, rapid and agile rule deployment, and even combining teams into FrAML.

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Regardless, banks continue to experience significant fraud losses, with almost a quarter reporting fraud losses above $1 million annually.

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In this report, we dive into survey results from 100+ banks and uncover what is holding them back. We also discuss how agility and speed must play a critical role in the years to come in combating fraud.