Between a rock and a hard place – new research reveals US Banking is trapped by rising financial crime and perceived tech complexity

Today, Featurespace, the leading provider of enterprise financial crime prevention software, announced the release of a new report, “The State of Fraud and Financial Crime in the U.S.” conducted in conjunction with PYMNTS.com. The report paints a picture of a sector trapped between increasing financial crime – especially scams – and the perception that any solution will bring added complexity and compliance headaches. Scams soaring in the States Authorized Party fraud, to include scams, is a rapidly growing and seemingly pervasive threat to the financial services industry, representing over half (52%) of total fraud volumes. Within the Authorized Party category of the FraudClassifier SM from The Federal Reserve, the research found that scams (known as ‘authorized party was manipulated’) represent 22% of the volume and 19% of the total value of fraudulent transactions. To continue reading the rest of the article, please click on the source link below: https://www.joplinglobe.com/region/national_business/between-a-rock-and-a-hard-place-new-research-reveals-us-banking-is-trapped-by/article_fccdfcf1-9e09-5cb9-afcc-3aa6c27d83d6.html