Boston, December 19, 2019 –The global trend to digitize banking services plays as important a role as ever in North American banks’ strategic priorities, and efforts to expand digital sales and service platforms are still accelerating. But as financial institutions continue to aggressively expand these digital sales and service platforms, including innovations in payment services, they’re inadvertently creating vulnerabilities that are fueling the growth of financial crime. And while a wider variety of powerful security solutions is available than ever before, not all banks are prioritizing investments in those security solutions as highly as investments in expanding digital sales and service platforms.
This report examines the drivers behind digital fraud trends, the challenges that fraud executives face in controlling digital fraud, and how those drivers and challenges affect fraud-protection investments in digital channels. It is based on a survey of 20 fraud and digital channel executives from 18 North American FIs conducted from July to October 2019 as well as telephone interviews and follow-up emails.
This 28-page Impact Report contains 21 figures and two tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Actimize, BAE, Ethoca, FeatureSpace, Feedzai, Finscend, IBM, SAS, and Simility.