Risk & Compliance

Financial institutions experienced $2.2 billion in fraud loses in 2018. With over 6.5 billion fraud attacks per year, consumers are also losing lots of money - money that they could be saving and spending on legitimate products and services. They're also losing confidence in their ability to protect their personal information.

Consumers feel that there is little they can do to protect against ID theft & fraud attacks. With so many data breaches, consumers have lost confidence in the ability for companies to protect their personal & sensitive information.

eFraud Prevention helps you distribute information to consumers with actionable measures and practices to spot and stop scams.

2018 Fraud Statistics:

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Banks & Credit Unions

  • Financial institutions lost over $2.2 billion to fraud.
  • One dollar of fraud costs Financial institutions approx $2.92.
  • 200% increase in fraudsters shifting money from consumers' existing financial accounts into new accounts.
  • Account takeover tripled with 1 in 8 new account being fraudulent.
  • New account fraud increased by 70%.


  • 38% incease in fraud with 2.5 million victims losing nearly $1.5 billion.
  • Consumers lost $488 million to imposter scams.
  • 6.5 billion consumer fraud attacks.
  • 69% of consumers are concerned about fraud, a 18% increase from the previous year.
  • Consumers said they lost nearly $1.48 billion in fraud.
  • 33,000 Americans had unresolved identity theft issues.
  • 96,000 ID victims borrowed money from family and friends to pay bills.
  • 16 hours on average to fix a fraud / ID theft incident.
  • Average cost of an attack for a company with 10 - to 24 employees was $38,437.


eFraud Prevention™ helps you distribute information to consumers about actionable measures and practices to spot and stop scams. Our service covers every type of fraud and identity theft.


Non-investigative support resources.
Ready-made articles.
Employee education.
Ongoing training.
Daily fraud alerts & news updates.
Phone / call center support.

Regulators & Trade Associations.

"Financial institutions should implement an enhanced customer education to increase awareness of the fraud risk and effective techniques customers can use to mitigate the risk." ~ FFIEC

"Consumer education is critical...Publish details of localized scams via online banking websites. Scam alerts can be powerful tools in educating your client base." ~ FICO

"One easy way to curb this fraud is through more education and awareness." ~ Department of Justice

"Develop an awareness framework that challenges, educates and empowers your customers and employees to be part of the human firewall." ~ FS-ISAC

"Teach your older members: When fraud comes knocking, don't answer." ~ NCUA

"The FDIC encourages financial institutions, government agencies, consumer organizations, educators, the media, and anyone else to help make the tips and information in FDIC Consumer News widely available." ~ FDIC

"FinCEN strongly supports efforts to raise awareness of elder abuse -particularly financial exploitation of the elderly." ~ FinCEN
"Develop and distribute fraud prevention resources and conduct outreach." ~ FINRA

"The banking industry should leverage anti-fraud resources to help customers protect themselves." ~ American Banking Association

"Employee and customer education is the key...the problem many institutions face, however, relates to lacking resources and dedicated support for truly integrated educational campaigns and programs." ~ Financial Services Roundtable

"Armed with the right knowledge, almost anyone can recognize a fraudulent scheme and make the right decision to stay away." ~ United States Postal Inspector Service

"People are often seen as the weakest link when it comes to cyber security, but that must change." ~ UK National Cyber Security Centre


Arm your frontline employees with a better support tool. It may be a skimming incident at someone else's ATM or your brand name used in a phishing scam. No matter what the situation, you need to act fast and respond with good information.


Print tips at branch locations.
Branch kiosks.
Education & training.


Today, the consumer experience is proving to be the only truly durable competitive advantage.


Web Site.
Seminars & conferences.
Printed marketing materials & brochures.
Small business support.

Why Now?

Fraud continues to increase. According to a recent Javelin study, fraud impacted a staggering 16.7 million victims in the U.S. last year, an increase of 1.3 million more victims than the prior year. In total, an alarming 6.65% of the U.S. population fell victim to fraud. With the rise of more sophisticated methods, as well as the growing mass of leaked consumer information, this figure is likely to rise.

Technology does not prevent human mistakes.
I.D. Theft has been the top consumer complaint to the past 15 years.
$36,600 is stolen every minute.
113% increase in New Account Fraud in 2017.
Growth of IOT (20.4 billion connected devices by 2020).
Growth of Mobile Pay and eCommerce.
There is a direct correlation between Technology and Cybercrime.
Criminals no longer need to be tech savvy hackers as there is easy access to "out-of-the-box" fraud tools.
Criminals are awash with credentials, health records, PII and bank account information.
Payment fraud, Account Takeover & ID Theft are commonplace.

Trust & Reputation.

"90% of Americans feel a personal responsibility to be safer online" (2017 National Cyber Security Alliance and the Anti-Phishing Working Group).

Safeguarding & protecting PII is essential today for everyone and a critical component for financial institutions in building lasting, trusted customer and member relationships. For the consumer, fraud is felt both financially and emotionally. Account takeovers (ATO) resulted in out-of-pocket costs and personal time to resolve. In cases of ID theft, consumers incur emotional damage when restoring their credit and clearing their name in the wake of identity theft.

Lost Productivity / Investigation.

When a customer or member suffers a fraud attack, even if there is not a fraudulent transaction, employees will drop what they're doing to investigate the attack to help determine what actually took place. If there is a transaction involved, additional time is needed to try to get the money back.

Your customers & members have questions about ID theft, data breaches, scams and hacking. We offer an easy way for you to provide them with the best answers so they feel safe and stay safe.

Our multi-faceted approach will transform your fraud awareness outreach to create greater consumer engagement and less financial crime to investigate.

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