Financial Institutions Struggle to Meet Customer Expectations in Fighting Authorized Transfer Scams, LexisNexis Risk Solutions Study Finds

Only 50% of organizations have confidence in their ability to stop scammers. Sixty-nine percent (69%) find it difficult to break a victim's belief or trust in a scammer. Just four percent (4%) of FIs can alert customers to scams involving impersonation of financial services employees within 24 hours. The study, Defend Against Authorized Transfer Scams, finds that fraud risk and mitigation strategy leaders at US financial services institutions understand the importance of both detecting and mitigating scams ...