Robo Nation: The Threat of Communication-Based Fraud
- Date:April 12, 2022
- Author(s):
- Suzanne Sando
- Report Details: 14 pages, 5 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
- PAID CONTENT
Overview
As robocall threats surge and criminals increasingly rely on a variety of SMS scams, SIM swaps, and email account takeovers to succeed, there are holes at the enterprise level that need to be addressed. There is a pressing need for financial institutions to aid consumers in detecting and preventing this pervasive threat. Communication-based fraud is more than just a simple annoyance for consumers. Robocalls, scam texts, and malicious emails have proven to be serious threats in protecting against identity fraud. Financial institutions and consumers alike need to be invested in thwarting these kinds of fraud attacks.
This report examines how consumers are targeted by criminals across communication methods and offers recommendations for increasing the security layer to help detect and prevent this growing, non-traditional fraud threat.
Key questions discussed in this report:
- What communication-based fraud threats should be of immediate concern to consumers and financial institutions?
- How can financial institutions protect consumers from communication-based fraud?
- How can consumers protect themselves?
Companies Mentioned:
AT&T, Consumer Financial Protection Bureau, Federal Bureau of Investigation Internet Crime Complaint Center, Federal Communications Commission, Federal Trade Commission, US Cellular, Verizon
Interested In This Report
Related content
Wealth Management Fraud: An Easy Target for Scams
Traditional identity fraud and identity fraud scams are equal-opportunity crimes, in that anyone with a digital footprint is a potential target. But as affluence rises, so does con...
P2P Scams and Fraud: Addressing Financial Institutions’ Precarious Position
Peer-to-peer (P2P) payments are essential in a world where cash is less commonly carried, digital transactions are popular and convenient, and ease, privacy, and security drive con...
2023 Know Your Customer Solution Scorecard
Know Your Customer (KYC) protocols are the bedrock of robust identity verification. Understanding at a granular level whom an organization is doing business with translates into a ...
Make informed decisions in a digital financial world