Page 11 - GS221101

NewsBriefs

The FIDO standard is designed to in 2021. That's up from $3.25 in 2019 and $3.64 in 2020 just before the COVID-19
improve ease of use, privacy, security pandemic was declared, LexisNexis Risk Solutions reported.
and standardization by reducing
password reliance to provide a "The online and mobile fraud landscape continues to evolve," the company
trusted customer experience and stated. "Fraudsters are relentless, constantly seeking new vulnerabilities to
drive online service consumption, exploit. Financial services firms and lending institutions can't ever let down
revenue and profit. Scott Bingham, their guard."
senior program manager at Microsoft,
described authentication as the front NAC strides into second decade of ATM progress
door of the customer experience, a The National ATM Council, which represents independent retail ATM providers,
process he described as "ask, act, suppliers, owners and deployers, is celebrating continued momentum after
validate," that proves rightful owners convening its well-attended 10th anniversary conference. The 501(C) (6) not-
are requesting access. "Hackers for-profit trade association is moving forward on several strategic initiatives
don't break in; they log in," he said, aimed at furthering the rights and opportunities of stakeholders in the ATM
noting 99.9 percent of security space. Bruce Renard, executive director of NAC, thanked NAC2022 sponsors,
breaches are password-only attacks, exhibitors, speakers and attendees for making the conference a success.
including phishing, smishing, social
engineering, voice phishing and fake The event's key supporters included platinum sponsor Hyosung; diamond
website redirects. sponsors Cord Financial Services, OptConnect, NextATM, Digital Network

LexisNexis Risk Solutions probes Solutions, Kahuna ATM Solutions, Columbus Data & Services and Switch
escalating cost of fraud Commerce; and gold sponsor Genmega. "By all indications from the feedback
we've received, NAC2022 was a great success," Renard said. "Our numbers
A new study by LexisNexis Risk were strong and in line with pre-pandemic levels of attendance and vendor
Solutions offers a glimpse into what participation levels and everyone spoke favorably of the venue and educational
financial services companies are content, which was extensive, even for us."
spending to comply with regulations,
policies and standards regarding
financial crimes. The 2022 True Cost
of Financial Crime Compliance Study
revealed the cost of compliance
continues to rise above pre-pandemic
levels, up 13.6 percent since 2021, to
just shy of $57 billion for U.S. and
Canadian firms combined. This
comes on the heels of news that the
post-pandemic fraud landscape
continues to expand. LexisNexis
Risk Solutions' True Cost of Fraud
Study: Ecommerce and Retail – U.S.
and Canada Edition showed the cost of
fraud for U.S. financial services firms
is between 6.7 percent and 9.9 percent
higher than pre-pandemic levels.

Not surprisingly, much of the
increase in fraud activity occurs
through online and mobile channels.
The true cost of fraud includes the
actual dollar amount of a transaction,
as well as additional costs related
to labor and investigations, interest
and fees, and external recovery
expenses. Frauds can include identity
fraud, bogus requests for refunds,
bounced checks, account takeovers,
fraudulent applications and money
laundering, researchers found. In
dollar terms, every $1 of fraud loss
cost U.S. financial services firms $4
11