Unlike traditional fraud types, in which criminals compromise accounts or steal credentials, scams succeed by manipulating victims into willingly authorizing fraudulent transactions. While FIs have always maintained some procedures for handling customer disputes and modest policies embedded in terms and conditions, the accumulated volume of victims, the pace of growth in attacks, and the potential threat to brand reputation have created urgency around developing deliberate, comprehensive approaches to managing scam risks.
This report examines the emerging practices and control frameworks that fraud executives are deploying to manage scam risks. This report was commissioned by BioCatch and informed by Datos Insights’ ongoing industry research on financial service industry trends related to scam threat vectors and scam-detection and prevention frameworks.
Clients of Datos Insights’ Fraud & AML.
This report mentions Biocatch, Verafin, TeamViewer, AnyDesk, Mastercard, Early Warning Services, Pay.UK, Aspen Institute, American Bankers Association, Australian Bankers Association, U.K. Finance.
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