Enterprises are fighting an ever-changing war against fraud, as criminals develop new tactics to cheat organizations of money and services. Advanced analytics promise new tools for fraud fighters.

1. Fighting Fraud:
A Slow,
Uphill Battle
Fighting Fraud:
A Slow,
Uphill Battle
Executives generally are
confident in their organizations'
ability to spot and respond to
fraud, but best efforts alone
aren't necessarily enough.
When Your Best
Isn'tGood Enough
What is your level of confidence in your
organization’s ability to detect and prevent
fraud before it results in a serious business
impacton your enterprise or your customers?
Ever-evolving
sophisticated
schemes and
"lack of awareness"
raise the bar for
fraud fighters
34%
50%
14%
2% High confidence
we have top-notch anti-fraud tools
and professionals fighting fraud
Moderate confidence
despite our best efforts, we
occasionally miss a fraud scheme
Low confidence
our anti-fraud tools and team just
cannot keep pace with evolving
fraud schemes
No confidence
our customers are more apt to
discover a fraud scheme before
we do
The percentage of
respondents who say it
takes one day or more
to uncover a fraud
incident once it occurs
The percentage not
currently deploying
advanced data
analytics tools
Base: 240 C-level security and
technology leaders at financial
and government organizations
42%
67%
"More than half also say that today's
fraud schemes are too sophisticated
and quick-changing to keep pace,
and their own customers, employees
and partners lack the fraud
awareness to avoid falling victim to
predatory scams."
Where
the Risks
Lie
What do you believe
to be the top three
vulnerabilities in your
fraud defenses?
(select three that apply)
Holding the Fort
74% of respondents say the
number of fraud incidents has
Source: 2016 Faces of Fraud Report:
The Analytics Approach to Fraud Prevention,
developed by SAS and Information Security
Management Group (iSMG)
Today's fraud schemes are too sophisticated and evolve
too quickly for us to keep pace
Our employees lack sufficient awareness to protect
themselves from socially engineered fraud schemes
Our customers and/or partners lack sufficient awareness to
protect themselves from socially engineered fraud schemes
56%
42%
33%
30%
29%
56%
52%
Lack of staff expertise
The percentage of
organizations using
advanced analytics
to help predict
likely fraud
Lack of tech tools
Lack of financial resources
Lack of management/board support
Through automated
data analysis or
transaction
monitoring software
Third-party
notification
Internal
whistleblower
Third-party
investigation
46%
Who's Raising
the Red Flags?
How is a fraud incident involving your
organization typically detected?
(select all that apply)
66%
48%
39%
20%
As Days Go By
While almost a third of respondents say they take care
of fraud incidents within 8 hours, most organizations
take longer, sometimes much longer.
On average, how long do you estimate it takes your organization
to react, respond and resolve the incident after it occurs?
24%
14%
13%
13%
1-8 hours
1-2 days
3-5 days
More than 5 days
I don't know
31%
increased or remained
steady
41%
33%
54%The percentage
of responding
organizations
that are not
currently deploying
advanced
data analytics
tools.
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Advanced Anti-Fraud
Analytics Would Be Nice If...
Most Common Barriers to Use of Those Analytics: