Banks and Lending Firms Beware COVID-19 Is Causing a Significant Rise in Fraud
Here’s How to Protect Your Retail Bank From Massive Losses
According to the LexisNexis 2020 True Cost of Fraud™ Study, fraud attacks on banks and lending firms have grown substantially due to a big shift to online and mobile banking.
Not only have average monthly fraud attacks increased, but these fraudsters are more successful than ever before.
Since the beginning of Covid-19:
- Successful fraud attacks are up 39.48% for digital banking
- Fraud attacks are now 27.56% more successful for digital lending
Fraud attacks on banks and lending institutions have skyrocketed. And the true cost of the fraud for banks and other lenders have grown too. Since the beginning of the pandemic, the cost of these successful attacks has risen to $3.78 for every $1 of fraud. Up 12% from pre-pandemic levels. Because more transactions are shifting to mobile and online platforms, committing fraud has never been this easy for thieves. And many banks and lenders are simply unprepared as attacks have become more commonplace and drastically more successful.
These Attacks Are Destroying The Profit Margins of Banks of All Sizes
“Firms that had not yet invested in channel risk mitigation solutions were caught off-guard and challenged when using traditional solutions that focus more on the physical identity attributes.” -LexisNexis
Safeguard Your Retail Bank Or Lending Firm From The Digital Bandits Before They Attack
ToolCASE is the world’s most advanced transactional AI company. We are the retail banking and lending industry’s preferred choice for real-time risk management and fraud detection. We catch fraud as it’s happening, before the digital bandits can get away with it.
The ToolCASE suite of real-time fraud detection products can help you eliminate costly losses. And regardless of the size of your institution, small, regional, or large, ToolCASE is here to help.