Bolster Identity Controls With Intelligence and Anomaly Detection, Experts Urge
Fraudsters are having a field day as the pandemic persists, with experts warning that scams targeting consumers and businesses remain at record-high levels.
In 2020, scams made up 60% of net fraud losses in the U.K. and Australia, according to a Reuters report. In the U.S, scam calls in the financial sector more than doubled from 1.1 billion in December 2020 to 2.5 billion in January 2021, wireless network operator T-Mobile found.
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To combat such attacks, experts say financial services firms need to bolster their identity controls with tools to more accurately track and counter scams. This refers to any fraudulent scheme that can take the form of a phishing attack or involve social media, SMS, fake technical support, phone calls, etc. A scam, in most of cases, involves money, while fraud may or may not.
At its core, “all fraud may be an identity problem,” says Ian Mitchell, managing partner at U.S.-based fraud consulting firm Omega FinCrime.
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