Five Factors Fueling the Global Scampocalypse

20 Nov 2023

It seems everywhere today, people are talking about being in the midst of a global epidemic of digital scams targeting victims from all directions. But I’ve noticed that no one is providing an explanation as to why scams – which are usually nothing more than a technology enabled version of an old-fashioned confidence scam (or grift) – have become ...

Cracking Down on Scams: UK Government Taking Action

26 Jul 2023

The UK government launched a three-pronged strategy for combating and eliminating financial scams in the UK in May 2023, under the direction of UK Home Secretary. There are three pillars: 1. Pursue fraudsters, 2. Block fraud, 3. Empower people. The lengthy 66-page report outlines the ambitions and goals of the new fraud strategy, broadening the s...

Financial Services Regulation

No Caller ID: Stopping the onslaught of fraud text messages and phone calls

17 Apr 2023

Financial institutions everywhere are still wrangling with the issues of vishing and smishing, the identifiable code words for scam phone calls and text messages. According to the Crime Survey for England and Wales (CSEW), there were an estimated 4.5 million fraud offences in the Telephone-operated Crime Survey year ending March 2022, a 25% increa...

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Artificial Intelligence and Financial Services

A new era of consumer protection: the proposed regulation that has UK banks on alert

04 Apr 2023

Iain Swaine, Global Advisory Director EMEA, BioCatch and Katie McKenzie, Engagement Manager EMEA, BioCatch The financial industry is preparing itself for a surge in Authorised Push Payment (APP) scam reimbursements. Why? Because the statistics speak for themselves. In the UK alone, APP scams cost consumers close to £250 million in the first half of...