Financial Institutions
The True Cost of Scams: What Financial Institutions Are Overlooking
Scams are costing financial institutions far more than just reimbursement expenses. While fraud teams focus on covering unauthorized payments and operational costs, many overlook the long-term financial drain of customer attrition and deposit losses. With evolving regulations increasing liability and scams growing more complex, banks must rethink their approach. This blog explores the true cost of scams—including lost trust, lost deposits, and rising fraud expenses—and how proactive scam prevention can protect both customers and financial institutions.
