March 9, 2022 – Historically, scams have been a relatively minor irritation for most fraud executives, but that began to change about 10 years ago when fraudsters began industrializing business email compromise attacks on corporate banking customers. Scams targeting consumers picked up steam in the U.K. shortly after that market rolled out its Faster Payment Service. 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.

This Impact Report 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 are mobilizing to address the risk of scams. Aite-Novarica Group interviewed 18 North American fraud executives from 17 financial institutions with over US$30 billion in assets between August and October 2021, as well as surveyed 32 North American fraud executives who attended Aite-Novarica Group’s 2021 Financial Crime Forum in September 2021.

This 46-page Impact Report contains 15 figures and six tables. Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.

This report mentions ACI Worldwide, Acuant (a GBG company), American Banking Association, BAE Systems, BioCatch, Bleckwen, Bottomline Technologies, Brighterion, Callsign, Consumer Financial Protection Bureau, DataVisor, Featurespace, Federal Bureau of Investigation, Feedzai, FICO, Financial Services Information Sharing and Analysis Center (FS-ISAC), GB Group (GBG), Genpact, HSBC, IBM, Inform GmbH, iSOFT, LexisNexis Risk Solutions, National Cyber-Forensics and Training Alliance (NCFTA), NetGuardians, NICE Actimize, Oracle, Pay.UK, Payment Systems Regulator, Pelican, PwC, Quantexa, Regutize, Risk Ident, SAS, Simility, Symphony AyasdiAI, the Bank Policy Institute, the Federal Reserve, the Financial Conduct Authority, The Knoble, the Lending Standards Board, ThetaRay, TigerGraph, Tookitaki, U.K. Finance, U.S. Federal Trade Commission, Verafin, and Which.