Identity Fraud Is Costing Banks Big, and It’s Burdening Small Banks the Most
Identify fraud is terrorizing the financial sector, costing roughly a quarter of banks nearly a half a million dollars in losses in the last year, according to a study from Regula and Sapio Research. The crime appears to be hitting smaller banks harder, per Forbes.
Are you who you say you are?
26% of banks reported over 100 identity fraud incidents in the past year, according to Regula’s report, which surveyed 1,069 fraud experts across financial services in Australia, France, Germany, Mexico, Turkey, the UAE, the UK, and the US. Notably, only 17% of fintechs reported the same.