North American Financial Executives More Concerned About Fraud, Yet Actual Fraud Higher Overseas
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- 40 percent of North American financial executives experienced attempted ACH and wire fraud versus 54 percent in rest of the world
- 14 percent of North American financial executives experienced actual ACH and wire fraud versus 43 percent in rest of world
North American financial executives also perceive an increase in the
rate of online account takeover attacks (63%) compared to their global
counterparts (50%) in the last 12 months. Yet in the same period,
attempted and actual wire and ACH fraud related to account takeover is
lower in
Fraud Protection Focus
It's no surprise that financial executives surveyed across all geographies are focused on fraud protection. Because of a heightened concern and bleaker view of online account takeover fraud, both North American and global respondents are fighting hard to protect their wire and ACH accounts—with varying focuses. North American financial executives are placing more emphasis on utilizing tools that address device protection, while their global counterparts are more focused on payment-specific transaction monitoring and online session anomaly detection.
- 84 percent of North American banks are utilizing device protection tools (such as device ID, secure browsing and malware protection)
- 89 percent of rest of world banks are utilizing payment-specific transaction monitoring
Although fraud protection is top-of-mind, when it comes to compliance
with regulations around the security of commercial accounts,
surprisingly 18 percent of all respondents admit to being only mostly or
partially compliant with current security regulations.
Confidence in Fraud Management Tools
All respondents report confidence in fraud-fighting tools, although they differ in terms of which tools they believe are most effective. In an effectiveness scale from 1-5 (with 5 being most effective):
- North American respondents rank layered security protocols highest (4.06 ranking), followed by payment transaction monitoring and device protection
- Rest of world, payment-specific transaction monitoring slightly edges device protection as the most effective approach (4.0 ranking)
Real-time settlement in global financial markets has impacted the focus and need for fraud prevention tools. All respondents agree that cross-channel fraud monitoring and online session anomaly detection have the most room for improvement.
"As electronic payment transaction volumes increase, so too do fraud
attacks on those transactions. Financial institutions are faced with not
only increasing scrutiny and regulatory pressures, but also the risk of
reputational damage and loss of customers, which is why they're working
tirelessly on preventative measures," said
To download a copy of the survey results and view the accompanying infographic, please visit aciworldwide.com/wholesalefraudsurvey.
About the Survey
The survey, titled Strategies to Prevent Attacks on Commercial
Accounts, was conducted by
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Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131216005359/en/
dan.ring@aciworldwide.com
Source:
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