The 2020 Banking Industry Fraud Report
In 2020 many routine activities of institutions including financial transactions that usually would have been undertaken in-person were conducted online. Customers who were not used to digital/electronic methods of making financial transactions were compelled to use them. Consequently, some sections of the banking sector were exposed to heightened levels of fraud-related risk, due to the increased patronage of electronic/digital products and services. The emergence of the COVID-19 pandemic propelled the use of digital/electronic modes of transacting business, leading to a higher exposure to fraud.