In 2020, scams made up 60% of net fraud losses in the U.K. and Australia. Scam calls in the financial sector more than doubled from 1.1 billion in December 2020 to 2.5 billion in January 2021. Financial services firms need to bolster their identity controls with tools to more accurately track and counter scams. The concept of identity needs to evolve beyond just authenticating a customer interaction with an isolated bank and should be expanded to include all transactions across the financial network.”]
Source: https://www.cuinfosecurity.com/top-scam-fighting-tactics-for-financial-services-firms-a-18321