In 2020, scams made up 60% of net fraud losses in the U.K. and Australia, according to a Reuters report. Financial services firms need to bolster their identity controls with tools to more accurately track and counter scams. Scam calls in the financial sector more than doubled from 1.1 billion in December 2020 to 2.5 billion in January 2021, T-Mobile found. Scams have risen as more people join the digital revolution than further let the fraudsters have nothing to do.”]
Source: https://www.bankinfosecurity.com/what-lies-beyond-identity-solutions-for-fraud-prevention-a-18321