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.
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