The U.S. Federal Trade Commission reports that impostor scams were the #1 type of fraud reported by consumers last year, with losses to American consumers nearly $30B. UK Finance reported an increase in authorized push payment fraud last year with loss of more than £479M, and top UK bank Barclays reported a 20% increase in impersonation scams. Australian consumers experienced record losses from a host of social engineering schemes, according to Scamwatch.
The challenge with detecting these scams is that cybercriminals don't interact directly with the banking platform. Instead, they convince the victim to execute the payment themselves. Traditional device, IP and location-based authentication controls will thus appear genuine.
Download this whitepaper to explore:
- The recent outbreak of social engineering scams around the globe
- How government and industry are responding
- How behavioral biometrics is helping FIs protect their customers from falling victim to these attacks