It has never been clearer that organizations are aware of the risks of fraud: in 2019 100% of financial institutions surveyed in the Faces of Fraud Report reported increasing or maintaining their budgets for fraud prevention. Now, it is time for the industry to reevaluate its approach to fraud and leverage current defenses to holistically protect against today’s fraud landscape.
As new attack tactics are developed every day by fraudsters, the question is: Are your current strategies resilient enough to withstand the latest cyber threats? In order to be certain, organizations must understand what they are defending against and deploy holistic strategies capable of covering the entire fraud cycle.
The 2019 Fraud Beat covers the latest trends, upcoming technologies, and future predictions for the fraud landscape. Key findings include:
- Email 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.
- Internet of Things (IoT) is an underestimated risk; more than 90% of data transactions on IoT devices are unencrypted.
- New attacks like Synthetic Identity Fraud are poised to create massive losses: $1.2 billion by 2020 in the US alone.
To learn more about how to toughen solutions already in place and take on a more holistic security strategy, access the full 2019 Fraud Beat report here.