MINNEAPOLIS—Many of those on the front lines of fighting fraud say their financial services employers could be doing more to help in the cause and that fraudsters have better tools than they do, according to new research.
In a new survey of fraud fighters conducted by ID Insight and About-Fraud, 81% of respondents said financial services companies could be doing more to fight fraud, with 34% citing new tools or services as the single-most-important investment an organization could make to manage fraud more effectively.
The research surveyed fraud investigators, managers and directors in late 2021 on their roles within financial services companies.
The Findings
Among the other findings:
- 65% feel the technology that allows fraudsters to commit fraud is better than the technology their organizations are currently using to prevent it, and nearly half – 46%– say that they don’t havethe tools or systems they need to prevent and stop fraud, with an equal number saying they don’t haveaccess to important data for fraud mitigation until it is too late.
- 86% said they believe customers make it easier for fraudsters to commit fraud.
- Asked to identify the most important investments organizations can make to improve results, 34% of fraud fighters cited new tools or services to combat fraud, 18% said the availability of real-time data, and 13% said more people added to the fraud team.
- Collaboration is also a key component of their success. Eighty-one percent of respondents collaborate or share insights and ideas with fraud fighters working at other institutions at least a few times a year, with one-third of those collaborating weekly or daily.
Additional Findings
The survey delved into fraud fighters’ thoughts on why they do what they do, as well. According to the organizations, respondents are motivated by feelings of doing important work for their organization that makes a difference for customers and the greater good. Ninety-eight percent say they are performing an important role for their organization, and 97% believe they can prevent fraud from happening in the future, the survey found.
In addition, 95% said they are willing to spend time outside of business hours learning about emerging fraud trends.
For info: FraudFighterResearch.com.
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