The 2023 Faces of Fraud report illuminates insights from over 150 security professionals regarding the fraud challenges, gaps and future strategies at their respective financial institutions. Key takeaways include:

• Technology exploitation: Scammers are using advanced technologies such as generative AI and deepfakes to enhance fraud attacks
• Impact of rapid change: 83% of respondents say their top concern is that fraud schemes are evolving too quickly to keep pace … nearly doubling from 43% in 2019
• Visibility issues: Only 40% of respondents say they have visibility into the impact of a phishing attack and only 19% say they can identify fraud exploits in real-time
• Siloed systems: 80% say their fraud controls do not talk to one another ... the top barrier to improving prevention

Analyzing the 2023 Faces of Fraud report

According to ISMG’s Executive News Editor Tony Morbin, “the data shared in this report will help build your fraud prevention strategy for the coming year, not only in relation to the threats you face and the technology you deploy to prevent them, but also to compare what you should actually aim to achieve.” 

Want exclusive, in-depth commentary on this year’s report? Watch Tony’s interview with Mike Lopez, SVP, Appgate Fraud Solutions.