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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