State of fraud 2024: Key findings and recommendations for financial institutions
Fraud poses a significant threat to the trust and loyalty of customers and members of financial institutions. It leads to substantial losses, damages reputations, and can disrupt banking relationships, affecting profitability and growth. Beyond the immediate financial impact, the insidious costs of fraud extend to long-term damage to a financial institution’s reputation and customer trust.
This report presents the results of a nationwide survey conducted by Abrigo in March 2024. It delves into various aspects of fraud, providing valuable insights for financial institutions.
Download the report to learn:
- The prevalence of different types of fraud at participating financial institutions
- Respondents’ expectations and preferences regarding fraud prevention and management.
- How AI can both facilitate and combat fraud, plus tools and strategies for detection and prevention.