Banks are meeting their anti-fraud responsibilities by investing heavily in techniques to keep up with the fast-evolving practices of online fraudsters, but they are finding it hard to keep up with the rapidly evolving challenge.
This was a key finding of the authors of the 2023 Global Banking Fraud Index published by fraud prevention software company SEON this month. It found the costliest type of fraud recorded last year, cheque, card and bank account fraud, was more than three times as common as the second costliest type, online shopping and auctions fraud. The third costliest was application fraud, excluding mortgages.
