My name is Ayelet Biger-Levin, and for the past 15 years, I have dedicated my career to developing technology that helps financial institutions authenticate their customers and identify fraud. While my focus has traditionally been on protecting banking transactions and activities, I’ve come to realize that the story of scams begins long before any financial transaction takes place. This realization has inspired me to create a podcast aimed at exploring the human side of scams, learning from those who advocate for victims, and taking actionable steps to address this pervasive issue.
Financial scams typically initiate with a seemingly innocuous message or instant communication that lures the victim in. This initial contact is just the beginning of a complex process that I refer to as the scam lifecycle. Perpetrators engage in grooming, establishing trust, and manipulating their victims until they are able to extract money or sensitive information. This manipulation can span from a matter of hours to several months, depending on the nature of the scam and the emotional vulnerability of the target.
Understanding the scam lifecycle is crucial for developing effective prevention strategies. It involves recognizing all the players in this ecosystem, from the scammers themselves to the platforms that enable these communications. Each stage of the scam lifecycle presents opportunities for intervention. For instance, awareness campaigns can educate potential victims about the warning signs before they fall prey to these tactics. Law enforcement can be better supported with technology that helps identify and track these fraudulent activities more efficiently.
Moreover, the role of technology cannot be overstated. Leveraging advanced tools for detection and investigation is essential to staying one step ahead of scammers. By incorporating machine learning algorithms and data analytics, financial institutions can spot suspicious patterns and behaviors, flagging potential scams before they escalate. My podcast serves as a platform to connect with experts and advocates who are on the front lines of this fight, shedding light on the personal stories behind the statistics and emphasizing the need for a coordinated effort across all sectors involved in the scam lifecycle.
Together, by raising awareness, supporting law enforcement, and harnessing technology, we can create a more resilient defense against scams. It is my hope that through discussions on my podcast, we can empower individuals and institutions alike to recognize and combat these threats before they lead to devastating financial and emotional consequences. The human stories behind these scams are a vital part of understanding the broader impact and, ultimately, finding solutions that work for everyone involved.
