The Effect of Identity Fraud on Financial Services Organizations: Costs, Losses, Resource Requirements and Best Practices

Financial Institutions (FIs), like their customers, are victims of identity fraud. FIs suffer losses, expend costs and invest in controls to deter, prevent, detect and mitigate the likelihood and impact of identity fraud on their customers and themselves. This white paper can be seen as a resource for FIs to understand those losses, costs, resources being expended and current best practices associated with addressing identity fraud.