Summary
This document is a report detailing fraud trends and predictions based on a survey of 486 industry leaders in financial organizations, including enterprise banks, mid-market banks, and fintechs. Conducted by The Harris Poll, the survey reveals that 60% of respondents experienced an increase in fraud attacks affecting consumer and business accounts in 2024. The report outlines key findings, indicating that financial criminals and fraud rings are the primary culprits behind these attacks, with 71% of respondents agreeing on this point. It also highlights the role of machine learning and generative AI in revolutionizing fraud detection, with 93% of participants in agreement. The report further discusses the types of fraud most commonly reported, including credit card fraud, identity theft, and account takeover fraud, and emphasizes the growing importance of identity verification solutions in combating fraud. Additionally, it presents insights into the current fraud landscape and the challenges faced by financial institutions in maintaining security against evolving fraud tactics.
