Report

Going Beyond Traditional Safeguards: Next-Gen Innovation for Scam Prevention

The fight against scams remains a critical priority for the financial services industry.
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Emerging technologies such as generative AI are helping criminals refine existing techniques and making it easier for them to innovate and test novel social engineering attack patterns. Fraudsters are employing psychological manipulation to trick individuals into divulging sensitive information or performing actions that compromise their security. This has led to a significant increase in romance scams, investment fraud, and business email compromise, just to name a few.

In April 2024, Datos Insights launched its 2024 Impact Awards in Fraud. This report profiles innovations submitted by third-party solution providers for the Best Scam and APP Fraud Prevention Innovation. The profiled solution providers are BioCatch, Bottomline, Daon, Feedzai, FICO (in collaboration with Jersey Telcom), Form3, Eastnets, LexisNexis Risk Solutions, Lynx Tech, Mastercard, Nasdaq Verafin, NetGuardians, NICE Actimize, SentiLink, TransUnion, and XTN Cognitive Security.

Clients of Datos Insightsโ€™ Fraud & AML service can download this report.

About the Author

Trace Fooshee

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....

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Other Authors

Chuck Subrt

Chuck Subrt

Charles (Chuck) Subrt is the Director of Datos Insights'ย Fraud & AMLย practice, and heย covers anti-money laundering and complianceย issues. Chuck bringsย 20 years of legal andย compliance experience and a deep expertise advising business leaders, drivingย change, and establishing strong, self-sustaining AML and financialย crimeย compliance and risk management programs at a global financial services company.ย For the past 10 years, Chuck led multiple compliance functions for Sun...

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Gabrielle Inhofe

Gabrielle Inhofe

Gabrielle Inhofe is a Senior Associate with Datos Insightsโ€™s Fraud & AML team. Her primary interests include cryptocurrency, artificial intelligence, and EU policy. Prior to joining Datos Insights, Gabrielle worked in Strategy and Global Regulations at cybersecurity company OneSpan, where she wrote the 2022 Global Financial Regulations Report. Gabrielle has a Masters in Advanced European and International Studies from the...

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