Intelligent CIO APAC Issue 25 - Page 40

FEATURE : NETWORK SECURITY
An IBM study finds broad differences in geographical , generational impact of financial fraud and attitudes toward financial institutions . criminal activity ,” said Shanker Ramamurthy , Managing Partner , Global Banking and Financial Markets , IBM .
“ As the global economy ’ s evolution toward a cashless society continues at breakneck speed , banks and other financial institutions must continue to invest in modernizing their infrastructure and bolstering critical talent to meet the challenges they face from bad actors .”
Global financial impact

According to a new report commissioned by IBM , geographies and generations differ greatly in the frequency and impact of financial fraud , as well as their attitudes toward fraud detection and the institutions responsible for protecting them from bad actors .

The 2022 IBM Global Financial Fraud Impact Report also found that as global consumers have moved nearly exclusively to credit card and digital payments , US citizens have been victimized more regularly than all other countries surveyed in the report , costing American consumers an average of US $ 265 per year in fraudulent financial charges made by unauthorized third parties .
“ Financial fraud and cyber threats are a growing menace to global financial institutions and their clients , increasing the need for companies to accelerate preventative measures to stay ahead of sophisticated
According to the report , when it comes to fraud on a global scale , American citizens are the most frequent victims of debit card fraud of all the countries surveyed . Americans also registered a large percentage of instances when it comes to being victims of credit card fraud , banking fraud or digital payment fraud , when respondents were asked about their experiences using digital payment apps including PayPal , Venmo and Square .
American respondents also spent the most time trying to recover money lost due to fraudulent charges .
However , US credit and debit card users reported the second lowest amount of money lost on fraudulent charges out of the countries surveyed . Only Japan reported a lower amount of losses over the last 12 months , while Germany , by far , was the most victimized country , with respondents losing more than three times the total financial amount of the second most victimized country ( Singapore ).

Study finds fraud and cyberthreats are a growing menace to financial institutions

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