Global cases of financial scams, social engineering and cyber/online fraud in the banking sector are increasing as criminals are finding new ways to steal from banks and their customers, the inaugural Global Banking Fraud Survey by KPMG International revealed.
PETALING JAYA: Global cases of financial scams, social engineering and cyber/online fraud in the banking sector are increasing as criminals are finding new ways to steal from banks and their customers, the inaugural Global Banking Fraud Survey by KPMG International revealed.
KPMG’s Global Banking Fraud Survey was conducted between November 2018 and February 2019 across 43 retail banks, 13 of which are in the Asia-Pacific, five in the Americas and 25 in Europe, the Middle East and Africa (EMA) region. Based on the survey, 61 per cent of banks surveyed have reported an increase in external fraud – in value and volume – over the past three years.
The survey also found that over half the respondents recovered less than 25 per cent of the fraud losses, thereby demonstrating that fraud prevention is key.
According to KPMG Malaysia head of Forensics Tan Kim Chuan, banks are still reactive towards fraud and are not…
