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The last few years have challenged the banking industry with continued economic uncertainty, increased digitalization demands from the coronavirus pandemic, and increases in fraud. According to data from the Federal Trade Commission, consumers lost more than $8.8 billion to fraud in 2022, $3 billion more than in 2021 and a 166% increase from 2020. The FTC received fraud reports from 2.4 million consumers last year, and the most commonly reported types of fraud were imposter scams, online shopping scams, sweepstake/lottery scams, investment fraud such as pig-butchering scams, and business and job opportunity scams. 

Now more than ever, it is important to make sure your bank or credit union is up to date on the latest trends, best practices, and ideas needed to ensure your institution is prepared to combat fraud.

Download this infographic for details on 5 examples of fraud typologies impacting your institution:

  • Check fraud
  • Cybercrime
  • Pandemic relief fraud
  • Wire fraud
  • Card fraud