Reality Bytes: Empowering Consumers Through Fraud and Scams Education

Identity fraud scam losses decreased in 2021, but the threat posed by those scams remains real. Cybercriminals might put certain scam tactics on the back burner as they try other approaches in their search for the path of least resistance to ill-gotten gains. After massive losses in 2020, financial institutions and consumers are more attuned to the threats posed by scams, but the attack vectors are always changing.

FIs have a vested interest in ensuring that they are outfitting consumers with the most effective and easily accessed education about the dangers of fraud and scams. When FIs give consumers better tools for financial health and security, they build trust, and long-term loyalty is fostered.

Key questions discussed in this report:

• What are the biggest scam threats consumers face today? 
• Where are the gaps consumers have identified in the fraud education experience? 
• How are financial organizations faring in effectively informing consumers about fraud and scam threats, and then empowering consumers to protect themselves?  
   

Companies Mentioned:

American Bankers Association, Chase Bank, Republic Bank, U.S. Bank, Vox, Zelle