Fraudsters are Getting More Sophisticated. That’s Bad News for Banks!
Career criminal Willie Sutton was once asked why he robs banks. “I rob banks because that’s where the money is,” he replied.
Almost 70 years later, hackers and fraudsters might echo that sentiment. For such criminals, banks are a key target. The methods may be different, but the idea is the same.
Banks have developed ways to fend off armed robberies using surveillance cameras, armed guards and dye packs that explode to permanently mark stolen cash rendering robbers’ booty worthless. But banks still face a sharp learning curve when it comes to fraud. As a result, they’re losing 2.39 percent of revenues every year to fraud. That’s a shame because the tools they need to fight fraud are within reach.