Fraud is massively on the rise, and this represents a challenge to those who work to safeguard the financial system and ensure that bad actors are not finding their way into a relationship with a financial institution or defrauding existing consumers.
But how bad is fraud really? One anecdotal demonstration that fraud is really a problem can be seen in that the fraud hotlines of many large financial services companies gives routing options based on fraud type — for check fraud, press 1; for ID theft, press 2… . If an organizational structure is needed to categorize a financial institution’s response to fraud, it clearly shows the severity of this situation.
To dig deeper, visit the original article on the Thomson Reuters blog.