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Fraud in 2017 is going to get worse for banks and corporates

There is no doubt that general fraud levels in both banks and corporates will increase.

In banks

Mark Gazit, CEO, ThetaRay, in an excellent Bobsguide article, gave eight predictions for bank fraud in 2017:

  1. Mobile banking fraud will continue to increase
  2. We will see more account takeover and identity theft
  3. Regulatory pressures will continue to grow, but might reach a tipping point 
  4. As regulation deepens in complexity and scope, the cost of compliance will continue to rise 
  5. Fraud rings will proliferate
  6. Social media omnipresence will increase risk
  7. ATM malware will continue to evolve
  8. The key AML issue = addressing de-risking. 

Gazit clearly thinks that the position will worsen in 2017.

Read more in the full article here

In corporates 

The position is no better with:

The solutions

The only solution in both banks and corporates is to take a holistic approach to fraud as any weakness opens the door to fraud. 

Great lists of what to do include:

  • Get your board to answer these vital questions 
  • 10 steps to Cyber security from UK’s GCHQ’ (UK Government Communications Headquarters) who monitor the Internet and many other networks, see
  • SANS (System Administration, Networking, and Security Institute) ‘Critical Security Controls’ —a short list of controls developed by security experts world-wide based on practices that are known to be effective in reducing cyber risks
  • NIST (National Institute of Standards and Technology) Framework for Improving Critical Infrastructure Cybersecurity—combines a variety of cybersecurity standards and best practices together, see
  • Shared Assessments—an organization that develops assessment questionnaires for use by its members, see
  • ACFE’s Fraud Prevention Checklist, see 
  • ’40 questions you should have in your vendor security assessment’ from BITsight which shows how to monitor and manage vendor security, see.

CTMfile take: In 2017 the general levels of all types of fraud seem likely to increase. What is your plan to prevent this happening in your organisation?


This item appears in the following sections:
Fraud Prevention
Anti-Money Laundering Fraud Prevention
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

Also see

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