PIMFA Fraud Survey, in association with LexisNexis® Risk Solutions

About this survey

PIMFA and LexisNexis® Risk Solutions are working together to better understand the fraud challenges that wealth management and investment advisory firms are currently experiencing as our industry is increasingly impacted by digital models of customer engagement.

We'd be really grateful if you would take just 5 minutes to answer this short survey to provide your feedback on what your firm is experiencing in this regard currently.

The information will enable PIMFA and LexisNexis® Risk Solutions to analyse the results and put together an updated Fraud Guide, while also reporting back to you all on the trends that are unfolding in our industry right now to help inform your approach to this issue going forwards.

Thank you for your support.

Question Title

* 1. Have incidences of fraud increased significantly in the last year?

Yes

Don't know

Question Title

* 2. Have you experienced any significant change in the types of fraud you are encountering in the last year?

Yes

Don’t know

Question Title

* 3. What are the most common types of fraud you are experiencing?

Website cloning / impersonation fraud

Email hacking

Phishing

Courier fraud

Social media fraud

Authorised Push Payment Fraud

Other (please specify)

Question Title

* 4. What do you think are the main drivers of this type of fraud?

Increased customer online access to portfolios/investments

Lack of face to face contact with customers

Economic downturn / financial difficulties

Increased interest in crypto and high-risk investments

Increased level of savings

Fraudsters looking for easy , lucrative targets

Other (please specify)

Question Title

* 5. Do you think engaging with customers online has increased your exposure to fraud ?

Yes

Don’t know

Question Title

* 6. Do you feel sufficiently prepared to address the types of fraud that allowing customers online access to their investment portfolios/funds might pose?

Yes

Question Title

* 7. What do you think those risks might be?

Account Takeover

Identity theft

Mule Fraud

APP Fraud

Pension Fraud

Money Laundering

Other (please specify)

Question Title

* 8. Do you think data-sharing with other areas of the financial community will help you address the fraud risks/challenges?

Yes

Don’t know

Question Title

* 9. What resources do you use to identify fraud risks currently?

Stop-files

In-house reviews

Third party intelligence

Shared industry resources

Other (please specify)

Question Title

* 10. How strongly do you agree with the following statement?

Our current fraud prevention measures make it more difficult for customers to access services?

Strongly Agree

Agree

Not sure

Disagree

Question Title

* 11. How strongly do you agree with the following statement?

We often lose business by turning good customers away as a result of false positives in the process of fraud checks?

Strongly Agree

Agree

Not sure

Disagree

PIMFA Fraud Survey, in association with LexisNexis® Risk Solutions

About this survey

Question Title

* 1. Have incidences of fraud increased significantly in the last year?

Question Title

* 2. Have you experienced any significant change in the types of fraud you are encountering in the last year?

Question Title

* 3. What are the most common types of fraud you are experiencing?

Question Title

* 4. What do you think are the main drivers of this type of fraud?

Question Title

* 5. Do you think engaging with customers online has increased your exposure to fraud ?

Question Title

* 6. Do you feel sufficiently prepared to address the types of fraud that allowing customers online access to their investment portfolios/funds might pose?

Question Title

* 7. What do you think those risks might be?

Question Title

* 8. Do you think data-sharing with other areas of the financial community will help you address the fraud risks/challenges?

Question Title

* 9. What resources do you use to identify fraud risks currently?

Question Title

* 10. How strongly do you agree with the following statement? Our current fraud prevention measures make it more difficult for customers to access services?

Question Title

* 11. How strongly do you agree with the following statement?We often lose business by turning good customers away as a result of false positives in the process of fraud checks?

* 10. How strongly do you agree with the following statement?

Our current fraud prevention measures make it more difficult for customers to access services?

* 11. How strongly do you agree with the following statement?

We often lose business by turning good customers away as a result of false positives in the process of fraud checks?