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Banking Fraud Risks

The multi-faceted threat of fraud

Purpose: To gain insight into global trends and regional differences in how banks are identifying, assessing and addressing fraud risk. Scope: KPMG’s Global Banking survey was conducted between November 2018 and February 2019 across 43 retail banks. 18 have annual revenues in excess of US$10 billion & 31 each employ more than 10,000 people across the globe.


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Banking Fraud Risks

Fraudsters are catching on to:

- Data security

- Step up SMS authentication with phone porting

- IP masking

- Phone spoofing of legitimate business

- Voice recognition via technology developed to replicate voice and scammers have  attempted to record victim’s voices to bypass voice recognition

- Fingerprint biometrics and customer personal data, sourcing these from cyber market places

- Phishing, scams to increase their success rate/ returns via attacks at scale 


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Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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