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LOS ANGELES, Aug. 11, 2022 (GLOBE NEWSWIRE) — For the vast majority of organizations (92%), managing fraud is either extremely important or somewhat important to their overall business strategy, according to new research from Gatepoint Research. and sponsored by leading digital identity company Telesign.
The report, which explores the fraud management strategies of business leaders and decision makers across corporate America, also found that a majority of respondents (53%) admit their organization has gaps in their ability to mitigate fraud, qualifying as low to highly ineffective.
“Fraud management is vitally important as it builds trust in your organization,” said Joe Burton, CEO of Telesign. “With much of our daily lives online, fraud prevention is now a critical part of business success. People trust the platforms they use to be safe, and they blame the brand if that trust is breached.
Fraud continues to plague organizations
When asked which fraud schemes or tactics were their company’s top concerns this year, 50% of respondents cited account takeover, followed by phishing at 45%, new account fraud at 38 % and fake users at 21%.
The report also found that the fight against fraud is relentless. Almost two-thirds of respondents (65%) revealed that the number of fraud attempts within their organization has remained the same or increased by 25% or more over the past year.
Surprisingly, even in the face of security breaches and increased fraud attempts, a high number of respondents (43%) did not increase their fraud prevention budget, while only 29% of respondents increased their fraud prevention budget this year.
Challenges remain in the fight against fraud
Fraud now costs businesses and individuals around the world more than $5 trillion a year. Malicious actors are becoming increasingly sophisticated, so it is crucial to have measures in place to stop fraudsters and mitigate attacks.
When it comes to fraud prevention and fraud prevention, multi-factor authentication has by far the most significant impact, with 73% of respondents citing it as their top prevention technology. Artificial intelligence and machine learning technologies are also effective, say 52%, followed by digital identity verification at 40%.
Organizations feel like they are fighting an uphill battle when it comes to minimizing fraud. More than 60% of respondents cited lack of customer awareness as their biggest challenge against fraud. This is followed by the rapid evolution of fraud tactics at 56% and the fact that fraudsters have better access to customer information on the Internet, cited by 40% of respondents.
For more information, download the full report here or learn more in this recently released white paper from Telesign.
About TelesignTelesign provides continuous trust for large global enterprises by connecting, protecting and defending their digital identities. Telesign verifies over five billion unique phone numbers per month, representing half of the world’s mobile users, and provides essential information on the remaining billions. The company’s powerful AI and deep data science deliver identity with a unique combination of speed, accuracy and global reach. Remote signaling solutions prevent fraud, secure communications and promote the digital economy by enabling businesses and customers to engage with confidence. Learn more at www.telesign.com and follow us on Twitter at @Telesign.
Media ContactsLauren Ward, Senior Director of PR Telesign [email protected] +1 310-227-9801