Scams targeting FIs and their customers have become increasingly prevalent and sophisticated in recent years. Unfortunately, the current maturity of scam definition, categorization, tracking, and reporting across the U.S. banking industry, as well as the lack of industry standards, constrains the industry’s ability to build better defenses against the rising tide of scams. As scammers adapt their tactics and exploit new technologies, FIs must remain vigilant and proactive in their efforts to prevent, detect, and mitigate the impact of these fraudulent activities.
This report explores the current maturity of scam definition, categorization, tracking, and reporting across the U.S. banking industry. It is based on data from a survey of fraud prevention leaders at 18 U.S. FIs and offers insights. By sharing these insights, Datos Insights hopes to foster greater collaboration and knowledge-sharing among FIs, ultimately developing more effective strategies for combating scams.
Clients of Datos Insights’ Fraud & AML service can download this report.
This report mentions Early Warning Systems and Federal Reserve Financial Services.
About the Author
![David Barnhardt](https://datos-insights.com/wp-content/uploads/2024/03/David-Barnhardt-thumbnail-300x161.jpg)
David Barnhardt
David has over 22 years of fraud mitigation in banking and payments. Throughout his career, he has served as the Emerging Risk Executive at Bank of America, Payments Product Line Head at Early Warning, Chief Experience Officer at Giact, and Head of Fraud at Conduent. David is a frequent contributor to industry publications and conferences. He has authored multiple patents...
Other Authors
![Trace Fooshee](https://datos-insights.com/wp-content/uploads/2023/05/Bio_Trace_Fooshee-300x162.jpg)
Trace Fooshee
Trace Fooshee is a Strategic Advisor in the Fraud & AML practice at Datos Insights, covering fraud and data security issues. Trace has been leading business transformation initiatives for over 20 years. He started his professional career in Singapore, where he focused on delivering process automation solutions for banking and securities clients by way of workflow and document management-based transformations....
![Jim Mortensen](https://datos-insights.com/wp-content/uploads/2024/01/Jim-Mortensen-thumbnail-300x161.jpg)
Jim Mortensen
Jim Mortensen is a Strategic Advisor in Datos Insights’s Fraud & AML practice, covering identity, fraud, and data security issues. Jim has been in the financial services industry for over 30 years, delivering fraud prevention, identity verification, and credit underwriting solutions to top-tier financial institutions both domestically and internationally. Through his experience in the industry, he has developed a substantial...