IDC Spotlight: How to Prevent Bank Fraud and Financial Crime

Financial crime and fraud losses totaled nearly $1 trillion in the US in 2023, according to an IDC Spotlight paper. These attacks are impacting both individuals and the banking system, as fraudsters employ more sophisticated tactics to bypass detection.

The paper states, “Partnering with a financial crimes and compliance solutions provider enables financial institutions to reduce regulatory risks and avoid penalties. Providers that combine human skills and AI technology help predict and prevent future security threats.”

Failure to take steps could lead to steep regulatory fines, reputational damage and loss of customer trust.

For more on the state of fraud and what to do about it, read the IDC Spotlight, sponsored by TaskUs: "Using Compliance Services Solutions to Counteract Bank Fraud and Financial Crime."