Digital channel fraud losses are up at 74% of large North American FIs, despite all the technology investments made in recent years.
Boston, November 16, 2017 — Aite Group’s latest report, Digital Channel Fraud Mitigation: Evolving to Mobile-First, examines the current fraud trends in North American FIs’ digital channels and how FIs plan to protect them. Mobile and online are emerging as the most convenient and least expensive delivery channels, but fraud is a major challenge. Legacy forms of authentication are not as effective with the constantly morphing digital threats, and 79% of large FIs anticipate increased technology spending in the next one to two years for digital channel fraud mitigation.
“Each FI has a unique strategy to authenticate customers and ensure applicants are who they claim to be; reliable authentication is the foundation of effective fraud prevention,” says Aite Group senior analyst Shirley Inscoe.
Aite Group conducted telephone interviews with 28 fraud and digital channel executives from 19 North American FIs that have more than US$25 billion in assets from July to September 2017. This report is a refresh of research published by Aite Group in 2015 and is part one in a two-part series.