{"id":107,"date":"2023-04-18T20:35:25","date_gmt":"2023-04-18T20:35:25","guid":{"rendered":"https:\/\/rembrandt.virtuabrands.com\/?p=107"},"modified":"2023-04-18T20:35:25","modified_gmt":"2023-04-18T20:35:25","slug":"overall-fraud-costs-rose-20-last-year","status":"publish","type":"post","link":"https:\/\/rembrandtai.com\/news\/overall-fraud-costs-rose-20-last-year\/","title":{"rendered":"Overall Fraud Costs Rose 20% Last Year\u2026"},"content":{"rendered":"
\n

With Banks and Credit Unions Incurring Most of The Losses<\/strong><\/p>\n

New data compiled by LexisNexis show the cost of fraud incurred by financial institutions is spiraling out of control. Overall, the costs associated with all frauds rose by 20% last year (2022), with financial institutions bearing the brunt.<\/p>\n

In fact, for every $1 stolen in a fraud attack, banks and credit unions found themselves on the hook for an average of $4.36 in costs. This is up from an estimated $4.00 in losses-per-dollar in 2021, and $3.64 per-dollar in 2020.<\/p>\n

To give this wild growth in fraud costs some perspective, a successful $10,000 bank fraud in 2020 would have cost the average victimized institution $36,400 to cover the losses\u2026.<\/p>\n

But last year, 2022, that same fraud would\u2019ve cost the victimized institution $43,600. And it\u2019s only getting worse. This year, those costs could rise to a staggering $50,000.<\/p>\n

It\u2019s frightening, for sure. But remarkably, the LexisNexis study showed that since 2020, 45% of institutions have now integrated more modern fraud detection and prevention systems, as well as better cybersecurity protocols. Prior to 2020 only 28% of institutions had done this.<\/p>\n

Yet, fraud costs continue to rise, even when the number of institutions \u201cmodernizing\u201d their fraud systems has nearly doubled.<\/p>\n

Why?<\/p>\n

Well, there\u2019s two reasons, really. First, fraudsters are getting better at their craft. And second, most institutions are still using ill-equipped fraud solutions. And this includes many of the institutions who believe they\u2019ve \u201cmodernized\u201d their systems\u2026<\/p>\n

But haven\u2019t, really.<\/p>\n

Now, while It\u2019s impossible to stop the \u201cprogress\u201d the fraudsters are making, it is possible to get ahead, and potentially stay ahead of them.<\/p>\n

But it takes a truly revolutionary fraud detection and prevention system to do it.<\/p>\n

It takes the remarkable capabilities of real-time artificial intelligence.<\/p>\n

it was once thought that only large, well-capitalized institutions have the resources to incorporate a technology like this. However, recent advances in Ai have made real-time fraud detection and prevention financially accessible to institutions of all sizes and capitalizations.<\/p>\n

While some institutions may believe they\u2019ve upgraded and modernized their systems, the growth in fraud costs shows otherwise.<\/p>\n

Any fraud detection and prevention system that does not operate, analyze and report in real-time is already obsolete. Simply put, there is no substitute for real-time Ai driven protection.<\/p>\n

There\u2019s no substitute for ToolCASE.<\/p>\n

ToolCASE offers the world\u2019s most advanced transactional fraud system available, anywhere. Our real-time, Ai-powered system, RembrandtAI, has already saved financial institutions hundreds of millions in fraud losses\u2026<\/p>\n

And ToolCASE\u2019s RembrandtAi can help do the same for yours, no matter how bad 2023 gets, and no matter how much fraud costs rise at \u201cother\u201d institutions.<\/p>\n

To\u00a0Receive a comprehensive demonstration<\/a>\u00a0of the remarkable capabilities of RembrandtAi, and to see how it\u2019s helped financial institutions of all sizes save millions in fraud costs, visit us at\u00a0ToolCASE.com<\/a><\/p>\n

Or, email us at info@toolcase.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With Banks and Credit Unions Incurring Most of The Losses New data compiled by LexisNexis show the cost of fraud […]<\/p>\n","protected":false},"author":5,"featured_media":110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[24,26,27,28,29,30,17,18,19,21,22,23],"class_list":["post-107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-article","tag-security","tag-fraudsters","tag-credit-card-fraud","tag-credit-bureaus","tag-bank-unions","tag-data-breaches","tag-ai-for-banking","tag-artificial-intelligence","tag-bank-fraud","tag-bank-fraud-prevention","tag-online-shopping-fraud","tag-real-time-fraud-detection"],"yoast_head":"\nOverall Fraud Costs Rose 20% Last Year\u2026 - RembrandtAi\u00ae<\/title>\n<meta name=\"description\" content=\"New data compiled by LexisNexis show the cost of fraud incurred by financial institutions is spiraling out of control. 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