81% of frontline fraud fighters say financial services organizations could do more to fight fraud
The research, from ID Insight, a national leader in developing platform-based fraud prevention solutions for enterprises, and About-Fraud, a global community for fraud fighters, interviewed investigators, managers and fraud directors in late 2021 about their roles in financial services. businesses. For more details on this research and the other resources and tools provided by ID Insight to help financial institutions optimize resources and reduce fraud, visit FraudFighterResearch.com.
Respondents cited multiple challenges they face in their fight to prevent fraud. Nearly two-thirds (65%) believe the technology that enables fraudsters to commit fraud is better than the technology their organizations currently use to prevent it, and nearly half (46%) say they don’t have tools or systems they need. need to prevent and stop fraud, with an equal number saying they don’t have access to data important to fraud mitigation until it’s too late.
According to survey respondents, customers of financial institutions also play an important role in the fraud ecosystem, with 86% saying that customers make it easier for fraudsters.
At the same time, fraud fighters have identified the most important investments organizations can make to improve their bottom line. Thirty-four percent cited new tools or services to fight fraud, 18% mentioned the availability of real-time data, and 13% said more people had been added to the fraud team . Collaboration is also a key element of their success. Eighty-one percent of respondents collaborate or share insights and ideas with fraud fighters working in other institutions at least a few times a year, with one-third collaborating weekly or daily.
“Fraud fighters are financial services organizations’ most important resource, and this research was designed to better understand their unique and valuable insights,” said Jack Sundstrom, chief product and marketing officer at ID. Insight. “To our knowledge, this national survey, the first of its kind, is the only one ever to solicit the opinions of frontline fraud fighters, and it provides an important roadmap for organizations to improve their results.”
“The survey results are invaluable in understanding the type of information and services needed to support the continued success of the fraud community,” said PJ Rohall, co-founder of About-Fraud. “This research reinforces what we’ve experienced about fraud investigators’ commitment to their organizations and their passion for delivering results that can save their businesses and clients significant money and frustration. .”
The survey looked at the thoughts of fraud fighters on why they do what they also do. Respondents are motivated by the feeling of doing important work for their organization that makes a difference for customers and the greater good. Ninety-eight percent say they play an important role for their organization and 97% think they can prevent fraud from happening in the future. Ninety-five percent say they are willing to spend time outside office hours to learn about emerging fraud trends.
To learn more, visit FraudFighterResearch.com.
About ID Insight
ID Insight is on the front line in the fight against identity theft. Only ID Insight has a fraud intelligence platform combining proprietary analytics with massive consortium and identity datasets to stay ahead of emerging fraud schemes. Since 2003, thousands of banks and credit unions, as well as credit issuers, retailers, healthcare companies and other businesses have relied on ID Insight’s platform-based solutions to mitigate the adverse effects of account takeover and fraud when opening a new account. Contact us, watch our video or request a personalized demo to learn more.
About-Fraud is a global community for fraud fighters. We provide expert training, information and resources to help fraud fighters around the world. Our community was born out of an industry need for unbiased and educational fraud prevention resources. About-Fraud has filled this gap with a platform that connects fraud fighters to the information they need to understand technology and trends, grow their careers, and stop fraud. About-Fraud aspires to connect all fraud fighters around the world and support the collaborative effort to stop fraud and financial crime. For more information, visit About-Fraud.com.
CONTACT: Brian BellmontBellmont Partners, 612-255-1113, [email protected]
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