This report, sponsored by BioCatch, explores the immediate and long-term risks associated with scams for organizations and consumers while also establishing a case for employing a suite of identity fraud scam detection and prevention tools. This report was adapted from Identity Fraud: The Butterfly Effect, published by Javelin Strategy & Research in March 2023. Javelin maintains complete independence in its data collection, findings, and analysis.
Scams are seemingly inescapable lately—especially as criminals swiftly adapt their tactics to closely follow digital trends. Javelin Strategy & Research’s 2023 Identity Fraud Study: The Butterfly Effect shows the overall efficacy of scams decreased by 6% between 2021 and 2022, but losses from identity fraud scams overshadowed those of traditional identity fraud, such as account takeover or new-account fraud, in both total victims and financial losses. Consumers are deeply entrenched in a digital world that generally allows for convenience and security, but criminals are poised to take advantage of new and popular digital banking and e-commerce trends at any given moment.
For financial institutions and other financial services organizations to continue providing best-in-class service rooted in robust scam detection and prevention, they need to first understand the existing threats to consumers, along with the best ways to mitigate scam risks in the moment to prevent irreversible financial and emotional damage.
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