Of those
responding, 93% reported financial losses due to fraud but 69% estimated their
losses at less than 0.3% of revenue.
About 85% of respondents stated that their fraud losses increased or
stayed the same in 2012 as compared to 2011. Financial institutions reported
counterfeit or stolen card use at the point of sale or online as the most
common types of fraud involving their customers' accounts.
For most
payment types, spending on fraud prevention exceeded actual losses except for
(1) debit signature payments and (2) mobile payments. The report points out that spending on fraud
prevention in these two areas could reduce losses. When asked about 15
different internal controls and procedures to combat fraud, the report found
that 12 were in widespread use, adopted by over 80% of financial institutions.
