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The enduring COVID-19 pandemic has ushered in a wave of scams, with phone scammers costing victims hundreds of dollars on average. Around one in six Americans were scammed by phone over the past 12 months, with the average amount lost increasing to $502, up from $351 the previous year. Experts report the number of text message scams that cybercrooks are sending has risen more than 300% since summer 2020.
Many financial institutions are aware that these account takeover and P2P fraud incidents are affecting their consumers but are unable to fully address or measure their impact. As victims continue to fall for the scams, clicking on accompanying links promising information about stimulus money, the vaccine, or other timely and high-emotion topics, financial institutions will be pressed to have a better understanding on how to spot and prevent the impact to their consumers.
Join us for this complimentary BAI webinar to get a better understanding about the rise and impact of phone scams.
Lauren Iuliucci is the Product Manager of Risk Solutions at Neustar. She specializes in phone takeover risk and helps organizations detect high risk phone numbers for fraud prevention purposes. Prior to joining Neustar two years ago, Lauren spent time working in the document-scanning identity verification space and consumer insights across retail and casino industries.