Financial Services: KPMG 2022 Fraud Outlook

A triple threat across the Americas

Thomas P. Keegan

Thomas P. Keegan

Principal, Advisory, Forensic, KPMG US

+1 212-954-7880

David Nides

David Nides

Principal, Cyber Security Services, KPMG US

+1 312-665-3760

Five things financial services executives need to know

Our recent report, A triple threat across the Americas highlighted the overlapping fraud, non-compliance, and cyber attack challenges that confront businesses across all sectors today. This follow-up piece reviews the dangers facing financial services (FS) companies, and outlines five things that FS executives need to know:

  1. FS firms have the most extensive, and expensive, fraud burden of any sector in the Americas.
  2. Insiders, customers, and organized criminals present almost equal fraud threats for FS companies.
  3. Compliance, already a difficult area for FS companies, look set to get much tougher.
  4. FS companies are experiencing a range of negative impacts from a tidal wave of new cyber-risks.
  5. In the face of this substantial triple threat, too few companies think that they have strong defenses—and many reveal vulnerabilities. 


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Financial Services: KPMG 2022 Fraud Outlook
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A triple threat across the Americas: KPMG 2022 Fraud Outlook

KPMG is pleased to present its 2022 outlook on fraud, cyber attacks and compliance concerns across the Americas. Our survey of more than 600 executives across multiple industries confirms anecdotal evidence about the effects of the pandemic on these three interconnected threats: it reveals that fraud, compliance concerns and cyber attacks are common, have increased in severity — and are expected to become more frequent.