US EditionScam Losses Expose Major Anti-Fraud Gaps
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Scam losses expose major anti-fraud gaps
by AKANI CHAUKEJOHANNESBURG, (CAJ News) – THERE is a widening gap between the scale of scam activity and financial institutions’ ability to fight the rising torrent. This is according to SAS, a global leader in data and artificial intelligence (AI). The report, “AI-Powered Solutions for a Trillion-Dollar Problem”, finds that many banks remain dependent on systems and controls designed for outdated threat patterns, unable to reliably detect scams…
The banking sector maintains outdated technologies that are unable to respond in real time to scams that urge victims to make transactions, which has already resulted in losses that have exceeded $1.03 trillion globally in 2024.
$1trn and counting as scam losses expose anti-fraud gaps
Scam losses worldwide surpassed $1,03-trillion in 2024, according to the Global Anti-Scam Alliance (GASA). The organisation also found that nearly half of consumers encounter scam attempts at least weekly – and among those who fall victim, only 4% fully recover their money. As scams escalate in volume and complexity, the message to the banking industry […]
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