Infographic

Top 5 Scams & How BanksCan Stop Them

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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

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

2

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

3

27%
increase

4

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

5

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

  1. Watch for unusual customer behaviors via transactional data
  2. Modify existing operational policies and to spot unusual patterns
  3. Set transfer limits and rules
  4. Embrace machine learning
  5. Collaborate with other Fis on consumer education and awareness campaigns
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