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Alloy released a report finding that 27% of respondents lost over $1M to fraud in the last 12 months. Fintech companies and regional banks were the most likely to report higher losses, as 37% of fintech companies and 31% of regional banks estimated losing between $1-10M to fraud.
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"Rapid digitization and an influx of cash from pandemic relief scams have created the perfect conditions for fraudsters to thrive. Regardless of sector or size, financial institutions must do more to keep their customers' assets safe from fraud, but without compromising on the customer experience."
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