Illustration of International Fraud Week and lessons on how to prevent fraud and protect customers

Feedzai is proud to participate in the Association of Certified Fraud Examiners (ACFE) International Fraud Awareness Week. From November 13 to November 19, 2022, we’ll proudly do our part to promote fraud awareness and help protect consumers and banks from fraudsters’ increasingly aggressive attacks. Make sure to visit this blog and our social media channels each day this week as we post something new each day.

At Feedzai, there is no higher calling than making commerce and banking safer and more secure. We’re participating in Fraud Awareness Week to help build a safer financial future.

What is Fraud Awareness Week?

Fraud Week was first started in 2000 by ACFE and is observed annually during the third week of November. The event is a global effort to minimize the impact of fraud on consumers, businesses, and everyday people. 

During this week, organizations of all stripes, including large, medium, and small financial institutions, FinTechs, and fraud prevention specialists band together to raise awareness of the latest fraud trends by promoting educational resources and helpful information. 

This year, Fraud Awareness Week comes at a time when fraudsters have significantly stepped up their efforts with alarming success. The latest data from the Federal Trade Commission shows US consumers lost roughly $5.8 billion to fraud last year, a 70% increase from the previous year. This reflects a worldwide trend. UK Finance reports UK citizens lost £754 million due to fraud in the first half of this year. More than three-quarters of UK fraud originates on social media.

In this rising fraud activity, we want to help banks, consumers, and individuals do their part to protect themselves. Educational efforts like Fraud Week are critical to identifying red flags and stopping fraud before it can happen. But fraud takes many forms. It can include identity theft tactics like account takeover. It can come in the form of a scam that tricks a victim into willingly transferring money to a fraudster. And too often, fraud is the mechanism that supports money laundering efforts and a host of criminal activities. 

What to Expect from Feedzai During Fraud Awareness Week

All week, we’ll be talking about the many faces of fraud. This will include some personal stories from members of the Feedzai team about their own fraud experiences.

We’ll do more than just dive into specific types of fraud, how they work in practice, and share some of the latest (and horrifying) statistics. We’ll show you the human side of fraud and the emotional toll that fraud takes on real, everyday people. People just like you and me. 

You’ll also learn how fraud and money laundering work hand-in-hand. Money launderers use fraud to fund a wide range of activities, including illegal drug trades, guns, human trafficking, and global terrorism. Finally, banks will learn what steps they can take immediately to protect customers and prepare for new regulations designed to protect consumers from fraud losses. 

What We Hope to Achieve

Keeping commerce safe is more than a company slogan for Feedzai. It’s our mantra. It’s our mission. It’s our main purpose. We want our clients and their customers to feel secure in their ability to transact. We want our loved ones to feel safe and confident when they bank or shop online. And finally, we want everyone to have access to their money and their identity without worrying if they will become a financial crime victim.

This International Fraud Awareness Week, let’s all do our part to stop fraud in its tracks. We’ll be posting new content to this blog and our social media channels every day this week. Check back each day to learn more about how you can pursue your own anti-fraud efforts.