79% of organisations were victims of attempted or actual payments fraud activity in 2024. This is down very slightly from 2023.

Third-party impersonations, reported by 63% of respondents, remained the most frequent type of BEC scam.

Wire transfers were the payment method most frequently targeted by BEC scammers in 2024, reported by 63% of respondents, up from 39% in the previous survey.

"Classic" BEC scams, saw a significant decline, with 49% of respondents reporting incidents in 2024 compared to 57% in 2023.

47% of financial technology decision-makers surveyed said their company does not regularly train employees on fraud and cyberawareness, leaving these firms more vulnerable .

Synthetic fraud saw a decline, dropping from 1% to 0.75% during 2H 2024.

There was a nearly fourfold increase in fraud targeting deposit accounts—from 2% to almost 8% in the second half of 2024.

58% of respondents said that they are concerned that stricter fraud controls will frustrate consumers.

Compared to those investing at an average level, high investors into IDV solutions are 2.7x more likely to believe they have a competitive advantage.

There was an almost 500% increase in student loan scams over the past year.

Organisations that invested in IDV solutions reported savings averaging $8 million.

Among organisations with over 10,000 employees, 20% have an annual direct and indirect identity fraud cost of over $50 million.

51% of respondents said fraud is more common when using username and password alone.

Compared to those investing at an average level, high investors into IDV solutions are 1.7x more likely to have significantly reduced identity fraud.

Compared to those investing at an average level, high investors into IDV solutions are 2.2x more likely to see savings compared to companies investing the same or less.

21% of organisations reported fraud attempts against facial biometric liveness detection.

Organisations with over 5,000 employees have an annual direct identity fraud cost of $13 million on average.

69% of organisations reported increased fraud attempts.

Compared to those investing at an average level, high investors into IDV solutions are 1.6x more likely to report a positive impact on their brand

70% of respondents agreed that investing in technology is the best way to mitigate the financial risk of identity fraud.