By Serpil Hall, Head of Fraud Prevention at D4t4 Solutions
Scams have plagued human society since the dawn of man.
The first scam ever recorded dates to 300 B.C., when two Greek sea merchants plotted to sink their boat and pocket a loan for a voyage they never intended to complete. Sadly, the practice has only increased in the years since. Countless scams have risen and fallen in popularity, yet the goal is always the same: to unfairly cheat another out of goods or property.
Today, scams and fraud are everywhere. Scams know no geography, and anyone can become a victim. No one is immune.
Even worse, if a scammer is caught, prosecuted, and convicted, there’s no guarantee those affected will get their property back. Financial institutions are left to bear the brunt of fraud and scams – costs which are eventually passed back to consumers.
Defending against scams requires constant vigilance and education.
Let’s take a closer look at some of the most common scams today, what financial institutions have done to stop scams, and how behavioral biometrics are helping organizations improve efforts to detect and stop scams – before they can do serious financial damage.
Common types of fraud and scams today
Romance scams, investment scams, online purchase scams, CEO scams – these are just a few of the most common scams around the world today. They’re worth calling out for precisely that reason.
The Federal Trade Commission (FTC), which tracks…
