Banks and credit unions are increasing budgets and staffing this year for the ongoing fight against financial fraud. Only 11 percent expect conformance with the FFIEC’s updated Authentication Guidance will result in a significant reduction in fraud. 68 percent say a lack of customer awareness is the primary source of fraud. Among all the investments bankers are making, customer education ranked No. 3, BankInfoSecurity’s new Faces of Fraud survey shows. Some institutions are going beyond the box, testing vulnerabilities to social engineering schemes.”]
Source: https://www.bankinfosecurity.com/blogs/fraud-survey-analysis-techs-role-p-1246