A New Approach to a £460M 
APP Fraud Epidemic

With payments capable of moving in seconds and fraudsters continuously evolving their tactics, it’s never been harder for banks to manage their fraud risk. Banks need a collaborative approach to fraud prevention, especially when new liability rules go into effect.

Losses from authorised push payment (APP) fraud reached £460M in 2023, according to figures from UK Finance. These staggering APP losses are why the UK plans to implement new rules to protect APP fraud victims, including a requirement to split liability 50-50 between sending and receiving banks.
Form3’s APP Fraud Solution merges its account-to-account payment processing capabilities with Feedzai’s fraud and financial analytics to quickly identify risk and prevent fraudulent payments from reaching fraudsters. Download our new report, Combatting APP Fraud: How to build a best-in-class fraud prevention solution to learn how Form3’s solution delivers:

Read the report to learn:

• Network-level Data: Launch targeted investigations while supporting customers without being invasive.
• Collaborative Intelligence: Access a wide pool of industry network insights to spot developing trends and risks across multiple financial institutions.
• Inbound and Outbound Payment Monitoring: Identify suspicious payments by reviewing receiving accounts and gain a holistic view of fraud risk.

Learn how to build a best-in-class fraud prevention solution.
Download the report today.

Buy vs. Build is the Wrong Debate for Risk Management Platforms, Think Buy2Build

Should an FI build its own machine learning platform for risk in-house, or is it better to buy a ready-made fraud prevention or financial crime compliance solution? The choice between buy and build has been a long-running debate when it comes to choosing the right machine learning software for fraud prevention.

While both options have legitimate pros and cons, there’s a better approach: Buy2Build. With Buy2Build, financial institutions can enjoy the benefits of both scenarios.

Our new report, Beyond Buy vs. Build: Introducing Buy2Build for Financial Institutions, explains how this hybrid approach offers greater flexibility and cost savings for financial institutions.

Read the report to learn:

• Why Buy2Build’s key advantages include faster implementation and time-to-value
• Success stories from other companies who have pursued a Buy2Build approach, including Atlassian, Stripe, and Santander UK
• A cautionary tale from a well-known entertainment provider about building your own platform
• The key criteria to consider when selecting a Buy2Build vendor

Download the Report!

35% of DACH Consumers Encounter
a Scam Once Per Week

Scams are prevalent across Germany, Austria, and Switzerland (the DACH region), with losses reaching a staggering €12.44 billion in 2023. New research indicates they are only growing more sophisticated and can inflict a heavy toll on scam victims.

New research from the Global Anti-Scam Alliance (GASA), PwC*, and Feedzai offer a deep dive analysis of how scams are impacting the DACH region. Learn how scammers first make contact and the role of banks in responding to and helping victims recover emotionally and financially from a scam.

The State of Scams in DACH 2023 is based on input from 1,760 consumers across Austria, Germany, and Switzerland. Among the report’s findings:

Among the report’s findings:

• DACH victims report losing an average of €2,263 in a scam
• 35% of respondents claim they encounter a scam at least once per week
• 58% of DACH consumers tried but were unable to recover any of their money
• 60% of victims said their experience emotionally impacted them
• 64% of DACH consumers did not report the scam to law enforcement or another government agency

Download your guide to read about scams across Austria, Germany, and Switzerland.

* PricewaterhouseCoopers Ceska Republika, s.r.o & PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

1 in 5 Brazilian, Peruvian Elder Fraud Victims Received No Help After a Scam. How Can Your Bank Help?

Scammers are aggressively targeting our older loved ones. New research from Feedzai based on input from 508 elder fraud victims from Brazil and Peru reveals the scope of the elder fraud threat.

Elder fraud can cause serious financial harm to victims. In Brazil, 24% of elder fraud victims lost between R$5,001 and R$50,000 to scams; 18% of Peruvian customers lost between S/3,801 and S/38,000 to scams. But elder fraud is about more than financial losses. These scams also inflict deep mental and emotional scars on victims.

Download the Elder Fraud Report: LATAM to learn more industry findings, including:

• 31% of respondents lost money to an investment scam
• 38% of respondents felt angry after getting scammed, while 22% felt ashamed
• 21% of victims did not receive any help from their bank, family, or law enforcement

Get your complimentary copy and dive into this critical social conversation on how to protect our elderly loved ones.

9% of Older Australians Lost Over $10K AUD to Elder Fraud

Elder fraud can cause serious financial harm to victims. In fact, new research from Feedzai based on responses from Australian scam victims aged 65 and older revealed that 9% lost over $10,000 AUD to these scams.

But the damage is not just financial. These scams also take a significant emotional toll. Four out of five scam victims felt angry, while one in three felt afraid. Despite these alarming figures, only 7% of victims sought mental health support following a scam.

Among the report’s exclusive findings:

• 61% of older victims reported losing money to a purchase scam, the most common scam tactic
• 43% of respondents said they did not receive any help following a scam
• 26% of respondents were first contacted by email; another 24% said scams started on social media.

Download the report to learn how to build a safer financial environment for older generations through collaboration, innovation, and empathy.

Take Control of Online Scams with the Scam Footprint Whitepaper

Add Your Contribution to The Scam Footprint Discussion Paper.

Imagine customers fleeing your business, profits vanishing, and reputation in tatters – all thanks to online scams. This isn’t a hypothetical scenario – it’s the harsh reality millions of businesses and financial institutions face today.

But what if there was a proven blueprint to combat this growing threat, protect your customers, and build a fortress against fraud?

Introducing the GASA Scam Footprint discussion paper: the world’s first cross-sector guide to stopping online scams. Created with contributions from government, banks, and big tech companies, here’s what you’ll discover inside:

• Unmask the Enemy: Deep dive into the anatomy of online scams and their devastating impact on businesses.
• Your Role in the Solution: Understand your critical responsibility in stopping scams and building customer trust.
• Measure & Track the Threat: Learn powerful methodologies to quantify your exposure and track progress towards eradication.
• Zero Tolerance with Fraud Net Zero: Achieve the ultimate goal: a future where scams and other frauds leave no footprint on your brand.
• Cross-Sector Collaboration: Join forces with e-commerce, social media, and government to create an industry-wide anti-fraud ecosystem.

Don’t let online scams tarnish your business. Be among the first to adopt a Fraud Net Zero strategy and turn scam prevention into a competitive differentiator.

Contribute to the next edition of the Scam Footprint paper today!

Mexico Loses 293B MXN to Scams Each Year

Mexico currently bears the unfortunate distinction of suffering from one of the most devastating fraud rates in the world. A new survey from Feedzai and the Global Anti-Scam Alliance (GASA) sheds new light on the scope of Mexico’s scam epidemic.

Identity theft is one of the most common types of fraud in Mexico. Fraudsters may obtain a victim’s identity from scamming directly. They might also pressure a victim to act on their behalf by pretending to be a bank employee or member of law enforcement. Fraudsters could also connect with victims on social media or exploit them through malware attacks, which have surged in the past year. Other types of scams, including extortion, investment, and employment scam typologies, are also rising sharply.

Feedzai’s new report, produced in partnership with GASA surveyed 1,308 Mexican bank customers about their experience with scams. The results bring Mexico’s scam challenges into sharp focus. Among the report’s findings:

• 59% of Mexicans encounter at least one scam per month
• 58% of respondents said their experience resulted in a strong or very strong emotional impact
• Only 6% of respondents were able to recover all of the money lost to a scam

Download the report to learn more.

Singaporeans Loses $2.51B SGD to Scams Last Year

Singapore is a hub of innovation and tradition. But like many other nations, it is facing a serious challenge from scammers that cost Singaporeans $2.51 billion SGD last year.

New data from Feedzai and the Global Anti-Scam Alliance (GASA) shows most scams begin with phone calls or text messages. At the same time, instant messaging apps, emails, and social media platforms are also proving to be hotbeds for scamming activities. Meanwhile, investment scams were the most common type of scam encountered.

Feedzai’s new report, produced in partnership with GASA, surveyed 500 Singaporean bank customers and sheds a critical light on the state of Singapore’s scam landscape. Among the report’s findings:

• 68% of Singaporeans encounter at least one scam per month
• 54% of respondents said their scam experience had a strong or very strong emotional impact
• Only 9% of respondents were able to recover all of the money lost to a scam

Download the report to learn more.

Australians Loses 8.48B AUD to Scams Last Year

A digital scourge is sweeping Australia. New data from Feedzai and the Global Anti-Scam Alliance (GASA) reveals that Australia is inundated by a scam epidemic. The toll from these scams goes beyond financial losses. They also take a serious emotional toll on victims.

The report shows identity theft, in particular, is the most common type of scam in Australia. Fraudsters may obtain a victim’s identity by scamming directly or pressure a victim to act on their behalf by pretending to be a bank employee or member of law enforcement. Besides identity theft, shopping scams are also common in which victims pay for items online but never receive their purchase.

Feedzai’s new report, produced in partnership with GASA, surveyed 1,000 Australian bank customers about their experience with scams. The results shed a critical light on the state of Australia’s scam scenario. Among the report’s findings:

• 75% of Australians encounter at least one scam per month
• 49% of respondents said their experience resulted in a strong or very strong emotional impact
• Only 22% of respondents were able to recover all of the money lost to a scam

Download the report to learn more.