A new report reveals how telecom and phone-based fraud are capitalizing on trust and how financial institutions are fighting back.
DOWNLOAD REPORTDive into the data behind The Cost of Trust. Learn how fraud impacts financial institutions today, how the landscape is changing and where institutions can act now to protect trust and reduce risk.
Fraud has become one of the most persistent challenges facing financial institutions. That’s why Somos recently commissioned Hanover Research to survey more than 200 senior leaders across banking, lending and finance to uncover how fraud is evolving and what organizations are doing to stay ahead.
The findings tell the story in full: fraud attempts are increasing, losses are significant and customer trust is harder than ever to protect. We need solutions and strategies that target mistrust at the root.
91% of financial institutions reported an increase in fraud attempts over the past year.
99% experienced financial losses, with some losing up to 5% of annual revenue.
Phishing remains the most common attack vector, affecting 84% of respondents, while 40% reported facing vishing attempts. These results confirm what many in the industry already suspect: fraud is more frequent, more sophisticated and more costly than ever.
The impact of fraud extends far beyond balance sheets.
More than half of financial institutions (53%) said that fraud has damaged customer trust — one of the intangible but very real currencies in the financial sector.
Institutions are not standing still, but willing and eager to fight back. They are investing in infrastructure and intelligence to rebuild trust where it has been lost. The report highlights a strong push toward modernization and collaboration:
At Somos, we work alongside financial institutions to strengthen identity, accountability and trust across the telecom ecosystem.
Our suite of solutions — RealBrand, RealAgent and RealNumber DNO and — helps organizations verify legitimacy and block misuse. At the foundation of it all is the Somos Trust Framework. This industry wide framework for phone number right-to-use eliminates uncertainty at the very beginning of the call path, meaning every call is one worthy of trust.
Preventing fraud and restoring trust means a two-pronged approach: stopping bad calls and restoring trust in the good ones.
Explore the full findings from The Cost of Trust: The Impact of Fraud on Financial Institutions to learn how the industry is evolving and where new opportunities for prevention, protection and partnership are emerging.
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