The COVID-19 pandemic has created unique and unprecedented challenges for the financial services industry, which is seeing a dramatic rise in digital transactions along with increased targeting of consumers by fraudsters. This has led to rises in payment fraud, account takeover, and identity fraud, the latter of which has increased 23% since the pandemic. 1
In this insight guide, we outline more fraud trends that have been impacting the financial services industry across various stages of the pandemic. We also explore:
- How financial institutions and organizations can react to these fraud risks, adapt their operations, and transform their business as part of a new normal
- Industry-specific solutions and benefits for every phase of COVID-19
- How a top 10 bank in the U.S. has been able to quickly and successfully adjust their business practices in light of the CARES Act
1 TransUnion traffic analysis, March 11-April 28, 2020
