Turning the Corner on Fraud Prevention

These are the Faces of Fraud, 2020

In conjunction with Information Security Media Group (ISMG) we surveyed 150 security professionals regarding their organization’s fraud challenges, gaps and future strategies. It’s clear that financial institutions are continuing their digital transformation via the mobile channel, which fraudsters are evolving and exploiting. However, positive signs in-terms of investment, technology focus and C-Level buy-in indicate a sea change for years ahead.




Challenges by the Numbers

77% of respondent said the number of fraud incidents/financial losses involving their organization increased or remained steady.

Fraud schemes evolving too quickly is the #1 vulnerability in organization’s fraud defenses.

48% of organizations have limited or no visibility when it comes to identifying the impact of a phishing attack.

Cultural and technical siloes are organizations top barriers, resulting in manual processes, lack of control and gaps in protection

How Organizations are Responding

72% are confident in their C-level executives understanding of the required cybersecurity funding.

71% of organizations expect an increase in budget, with 26% indicating no change

Machine Leaning/AI is the #1 investment area for organizations within the next 18 months.

46% remain focused on the transactional nature of fraud with ACH/wire fraud as their top concern.

Mike Lopez, VP & GM of AppGate Total Fraud Protection Discusses the Faces of Fraud 2020 Results with ISMG’s Nick Holland

The
Faces of
Fraud
2020

Faces of Fraud 2020
How AppGate Can Help
AppGate Fraud Protection establishes controls and visibility throughout the lifecycle of fraud. Leveraging threat and risk intelligence and orchestration we help your financial institution combat fraud while providing frictionless experiences for digital customers.

Digital Threat Protection
Proactively mitigates and removes phishing attacks targeting your customers. Victim insights, unique only to AppGate, streamlines the mediation process and heightens security controls for your exploited customers.


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Risk-Based Authentication
Provides secure access for your customers across all digital channels removing dependency on weak passwords. By combining risk data, user context and behavioral patterns with multiple factors of authentication you’re able to mitigate a large volume of fraudulent transactions.

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Risk Orchestrator
Allows you to create customized workflows and share intelligence between systems in real-time.

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Contact an AppGate Fraud Expert