More than Half of US Banks Say Fraud Schemes Too Sophisticated and Evolve Too Quickly to Stop, Survey Reveals
October 19 2017 - 10:00AM
VASCO® Data Security International, Inc. (NASDAQ:VDSI), a global
leader in digital solutions including identity, security and
business productivity, today announced survey results on fraud
prevention in the financial services sector. The 2017 Faces of
Fraud Survey, conducted by ISMG, the world’s largest media
organization devoted solely to information security and risk
management, delivers revealing insights into the sector’s
challenges in fraud practices and strategies, and underscores the
growing vulnerability of mobile channels.
The 2017 Faces of Fraud Survey was commissioned by VASCO and
compiled with responses from banking and security leaders
representing financial institutions ranging from under $500 million
to more than $20 billion in assets. Key findings include:
- 52 percent say today’s fraud schemes are too sophisticated and
evolve too quickly to keep pace;
- Only 38 percent have high confidence in their organization’s
ability to detect and prevent fraud;
- Almost half identify technical barriers or controls not talking
to one another as a top challenge to improving enterprise
fraud;
- 41 percent do not want to add new anti-fraud controls that
might negatively impact the customer experience;
- 35 percent say they are countering mobile exploits with
multifactor authentication;
- Just 13 percent believe they are identifying fraud in real
time.
“The survey results echo what VASCO is seeing across the market
– there are myriad anti-fraud solutions to choose from, their
implementation and use is not easy, and integration between
solutions and across channels is limited,” said VASCO’s Chief
Executive Officer, Scott Clements. “In the past, balancing security
with implementation and ease of use often came with
trade-offs. New identity solutions that integrate multiple
authentication technologies, such as those from VASCO, are changing
this equation enabling trust in identities, transactions and
devices with no degradation of the user experience.”
Analysts Julie Conroy from Aite Group and Avivah Litan from
Gartner are quoted in the survey report reinforcing the value of
anti-fraud controls including device binding, machine learning and
behavioral analytics, as well as those that provide continuous
authentication. These frictionless and transparent fraud controls
were praised for being difficult to circumvent by fraudsters.
A copy of the 2017 Faces of Fraud report is available. To
download a copy of the survey results and related discussion please
visit: https://www.vasco.com/resource-library/faces-of-fraud.
About VASCO VASCO is a global leader in
delivering trust and business productivity solutions to the digital
market. VASCO develops next generation technologies that enable
more than 10,000 customers in 100 countries in financial,
enterprise, government, healthcare and other segments to achieve
their digital agenda, deliver an enhanced customer experience and
meet regulatory requirements. More than half of the top 100 global
banks rely on VASCO solutions to protect their online, mobile, and
ATM channels. VASCO’s solutions combine to form a powerful trust
platform that empowers businesses by incorporating identity, fraud
prevention, electronic and transaction signing, mobile application
protection and risk analysis. Learn more about VASCO
at VASCO.com and
on Twitter, LinkedIn and Facebook.
Media contact: Sarah Hanel Director of
Global Public Relations VASCO +1-250-216-1762
sarah.hanel@vasco.com
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