Almost 50% of a sample of respondents belonging to the Italian top management and from different sectors confesses that they do not consider their company capable of facing the risk of fraud on all channels.
This was revealed by the Experian EMEA Fraud Report 2020, who interviewed 150 senior decision-makers at an international level directly involved in the fight against fraud and in the development of response strategies within their companies.
This Italian figure, higher than the average of European colleagues (38%), clashes with the affirmation of their commitment, generating a paradox: the majority of managers declare strategies and clearly defined anti-fraud policies (82%).
Constantly monitored KPIs (79%), balanced approaches (86%) and more than adequate teams (72%), data generally above the international average: here, almost 43% of respondents considers the resources dedicated to anti-fraud clearly insufficient.
For 43% of Italian respondents, in fact, the advent of the Covid-19 pandemic has brought with it a sharp acceleration in the attack rate, with 36% reporting an increase in 2020 and in the average amount of losses for fraud suffered and in the rate of fraud attempts (number of attempts avoided + number of frauds suffered).
The reasons that contribute to the failure in prevention are, for 67% of the interviewees, to be attributed to the continuous emergence of new and more sophisticated fraud trends, confirming a justification also provided at European level (76%).
Almost 52% of Italian respondents, in fact, have seen the emergence of new types of fraud in the last year, in first place those related to online and mobile channels, in particular phishing, increased due to the greater use of digital channels and the growth of smartworking. 37% of respondents agree that digital fraud attempts are the most common within their company.
With this in mind, 50% expect a slight increase in business spending in the development of technologies applied to fraud management, with initiatives that for the majority will spill over into advanced fraud prevention models (54%), in specific studies on the prevention of digital fraud (54%) and in employee training on the phenomenon (45%).
Minor focuses, but still present among the answers indicated, are also the development of interdepartmental interactions (36%) and the adoption of machine learning processes to optimize prevention models (32%).
“If criminals have adapted more than quickly to the pandemic, the results of the research paint a picture in which, on the part of companies, there are still significant gaps in the ability to identify and respond to new threats such as fraud,” he explains. Cristina Iacob, Commercial Strategy Director, South Europe di Experian.
“The positive aspect is that a large number of organizations now recognize fraud management as a top priority, and many are discovering the benefits of increasingly vital as the implementation of machine learning and the sharing of knowledge between companies “.
«By correlating and linking the data together it will also be possible to address these new risks in a dynamic and effective way, making the most of the technologies currently available ».