Intelligent CIO North America Issue 24 - Page 40

FEATURE : NETWORK SECURITY
An IBM study finds broad differences in geographical , generational impact of financial fraud and attitudes toward financial institutions .

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 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

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

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