Fraudsters Impersonating Your Bank: How to Protect Your Customers from Being Scammed

The Federal Trade Commission (FTC) reported that consumers lost more than $10 billion to fraud in 2023 (a 14% increase over reported losses in 2022). Imposter scams top the list with a reported loss amount of nearly $2.7 billion, with the phone channel having the highest fraud loss per incident. Fraudsters often use spoofed calls as their gateway to crime — paired with convincing social engineering schemes to trick their victims into wiring money through bank payment apps like Zelle or Venmo. Financial institutions face reputational backlash and are being pushed by regulators to address the problem. In this podcast, we’ll highlight how end-to-end authentication solutions and standards can be used by financial institutions to better ensure consumers receive legitimate calls while fraudulent calls are blocked before they reach the consumer. We’ll then explore how adding context to authenticated calls like name, logo and number provides a richer call experience for customers and improves engagement.

Speakers:

• Henry Hayter, Senior Director, Product Management, TransUnion
• Paul Benda, EVP, Risk, Fraud & Cybersecurity, American Bankers Association