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While there are always issues from time to time, other priorities were far more pressing—application fraud, account takeover, business email compromise incidents, and faster payments fraud, among other attacks.
However, in recent months, the economy has begun to falter, with many predicting tougher times ahead. Employee fraud incidents always increase when the economy goes south; employees are sometimes faced with very difficult circumstances and take uncharacteristic actions out of desperation.
Unfortunately, the problem is more complex, with almost any employee having opportunities to commit fraud if he or she desires—accounts receivable personnel can lap payables receipts, any employee with access to the general ledger can falsify entries, or employees can collude with others to sell customer data or falsify loan applications. Employee fraud can occur in any area of an FI.
In anticipation of the expected resurgence in employee fraud, this Impact Report looks at the issue of employee fraud, including policies and procedures in the industry, employee monitoring mechanisms, fraud loss trends due to employee fraud and planned technology investments. FIs can compare themselves to their peers in this report and prepare for the upsurge of employee fraud before it impacts them negatively.
Fraud survey results and findings
Why employees commit fraud
How to manage employee fraud
Important trends in employee fraud
Types of employee fraud
Recommendations for FIs and solution providers
The survey data
Aite Group conducted an online survey of 23 U.S. FIs in September and October 2019 to better understand the current environment for fraud trends, the policies and procedures FIs have in place, and planned technology investments. Given the size and structure of the research sample, the data provide a directional indication of conditions in the market.
The majority of respondents to the survey work in banks (65%) or credit unions (26%). The remaining 9% work in investment/bank/retirement fund companies or life insurance firms.
We brought together the most prominent thought leaders on payments and banking to share their predictions on what the next decade has in store. From Open Banking, to more sophisticated fraud schemes, to real-time payments, to the rise of artificial intelligence and process automation... they all agree the innovation and shifts in the marketplace will require you to adapt and evolve.
The results are in: The risk of fraud has risen despite elevated spending and confidence as criminals continue to operate in increasingly sophisticated and automated ways. Just want the highlights? We have condensed our findings from the 2020 Treasury Fraud & Controls Survey into a short, easy-to-digest format that provides a high level look into the key results and insights into how organizations can best combat fraud.
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