By Kennedy Meda
FINANCIAL institutions have been significantly impacted by multi-million-dollar fraud losses, and a new driving force has been Fraud-as-a-Service, a secretive industry in which cybercriminals offer tools, services, and support to fraudsters in exchange for payment
Financial institutions have been impacted by high-dollar fraud losses, as highlighted in a recent industry report that indicated that 11% of middle-market banks and credit unions had experienced fraud losses exceeding $5 million last year, with mid-market banks accounting for the highest share of losses between $5 million and $10 million.
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