Infographic
Top 5 Scams & How BanksCan Stop Them
What is a Scam?
An attempt to steal sensitive information from a victim for illicit monetary gain.
Phishing
Smishing
Vishing
Pharming
70%
increase
over 2020
$5.8
Billion
US consumers lost to scams in 2021
$2.8
Billion
consumer complaints last year
Financial Cost of Scams in the US 1
Imposter
Scams
$2.3 Billion in
Fraud Losses
Up from
$1.2 Billion
in 2020
Top 5
scams
Grandparent Scams
Fraudsters pretend to be their grandchild in distress and ask to send money quickly
Charity scams
Claims to represent a
charity to solicit donations
Types of
imposter
scams
Government
Impersonation Scams
Claims to be officials from government
agencies; often says victim committed
a financial crime
Phishing Scams
An email, text (smishing), call (vishing), or social media scam tactic to deceive victims into revealing personal information. Gets victims to submit bank account or credit card details
Tech support scams
Pose as technical support staff and claim there is an issue with the victim’s computer. Gains remote access to devices and victim’s sensitive information or installs malware
Up from $246 million in 2020
Online Shopping Scams
$392 Million inFraud Losses
Claims to be a legitimate online seller, but orders never arrive, and refunds are never issued.
Prizes, Sweepstakes, and Lottery Scams
$255 Million in Victim Losses
327%
increase
Internet Services Scams
$222.4 Million in Losses 2
Claims service will be disconnected without a payment or offers huge discount with large up-front payment
Business and JobOpportunity Scams
$208.7 Million in Losses
Promises jobs, government grants, or other money-making opportunities for a fee
5 Ways Banks Can Protect Customers Against Scams
- Watch for unusual customer behaviors via transactional data
- Modify existing operational policies and to spot unusual patterns
- Set transfer limits and rules
- Embrace machine learning
- Collaborate with other Fis on consumer education and awareness campaigns
