Social engineering scams are on the rise globally. Last year, these scams increased 57% with an average loss of $1,029 per victim. Aside from the inability of legacy fraud controls to detect real-time social engineering, the circumstances of a scam can influence liability if the parties involved are unable to recover the funds. This creates a huge reputational risk for financial institutions and emotional distress for their customers.
Download the latest research from Aite-Novarica which examines scam activity globally and provides insights on:
- The challenges of defining, tracking and measuring scam activity
- Potential regulatory actions that could impact reimbursement models
- Innovative approaches global banks are using to tackle the problem