Efforts to combat illegal financial activities globally reach a staggering $1.28 trillion annually, with scams alone causing losses totaling $485.6 billion. The advancement of AI and technology further complicates fraud detection by introducing additional layers to fraudsters’ tactics, often leading banks and fintechs to detect fraud only at the transaction level.
While the UK government and other entities advocate for proactive measures to prevent scams, new rules by the Payment Systems Regulator (PSR) on scam victim reimbursement could significantly impact the finances, operations, and reputation of banks and fintechs.
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Download the webinar recording to hear from our experts as they delve into a captivating case study showcasing how a European bank employed an innovative fusion of cybersecurity and fraud prevention to foil a multi-layered scam scheme, averting potential losses of 7.5 million Euros.
In this session, our panel of fraud experts cover:
• Detailed insights into the scam campaign, including the tactics used by fraudsters
• How the bank’s fraud team, with the help of Cleafy’s platform, identified and mitigated the threat
• Essential lessons and actionable strategies that can fortify your bank's defenses against similar attacks
