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Increase in Scam Activity Prompts Demand for Innovation in Detecting and Preventing Scams, Says Aite-Novarica Group


Increase in Scam Activity Prompts Demand for Innovation in Detecting and Preventing Scams, Says Aite-Novarica Group

With scale of scam activity on the rise globally, new report outlines how FIs are mobilizing to address the risk

Historically, scams have been a relatively minor irritation for most fraud executives, but today the U.K. market is nearly saturated with scam activity, and fraudsters are rapidly replicating this successful tactic in countries across the globe as they enable faster payment rails. In a new Impact Report, Scams: On the Precipice of the Scampocalypse, research and advisory firm Aite-Novarica Group examines recent trends in scam activity in the U.K. and North America through late 2021, how scams are defined and categorized, how those definitions impact regulation and reimbursement policies, and how financial institutions (FIs) are mobilizing to address the risk of scams.

“Scam attacks have grown consistently over many years in the U.K., where losses are now larger in scale than card fraud losses,” said Trace Fooshee, Strategic Advisor at Aite-Novarica Group. “Should the rate of scam activity reach the same proportional levels in North America as they have in the U.K., it’s reasonable to expect significant disruptions in the form of increased regulatory pressure and a deterioration in consumer sentiment in the wake of such a trend.”

preview of the report is available online, and desk copies are available to qualified media. Please contact [email protected] or call Kaitlyn Labbe at +1.857.327.9442 for more information.

About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contact:
Kaitlyn Labbe
Public Relations
[email protected]