FICO Fraud Report 2023: From Application Fraud to the Scamdemic

Every year at FICO we carry out research projects that give our customers the information they need to understand market trends, fraud threats and customer attitudes. Our Global Fraud Consulting team use data from consumer surveys, decision makers research and insight from FICO’s solutions when they provide help and advice to our customers. Now they’ve distilled some of the key information and their best advice to identify and avoid fraudulent activity into FICO’s Global Fraud Report 2023.

Highlights of the FICO Global Fraud Report 2023 

Application Fraud and the Impact on Customers

As more business goes online, how do financial organizations balance the need for branch vs digital originations? What is the impact of increased digital applications on fraud? How should banks verify customer identity in a digital world? Andy Procter looks at FICO’s consumer research to uncover what people really think about how identity checking and application fraud prevention is managed in an online world, and provides his top tips for success.

Buyers of Enterprise Fraud Solutions – Regional Differences, Global Priorities

FICO carried out a study of 156 global fraud executives to uncover where banks are looking to invest in their fight against fraud. With nearly two-thirds of respondents planning on major or strategic investments in fraud management solutions in the next 18 months, Szymon Morytko considers the key strategies they should be applying.

Card Fraud in Europe – Economic Conditions Change the Balance

Alex Boothroyd delves into the issues of debit and credit card fraud in the current economic climate. Card-not-present transactions continue to increase, and the cost-of-living crisis squeezes already stretched finances, leading to new financial threats and potential fraudulent activity. Alex discusses the likely ways in which card fraud will evolve and where anti-fraud measures need to be focused to counter the threat from fraudsters.

Card Skimming in the USA

Fraudsters always attack the easiest targets and sometimes that means they revert to older fraud types where perhaps the focus on protection is no longer front of mind. In the USA card skimming has made a resurgence; FICO data shows a 10x year on year increase over 2022. Pierre Isensee offers card issuers advice on how to take a multi-layered approach to tackle this long-term issue.  

The Impact of the Scamdemic on Consumers

Real-time payments are fuelling a global proliferation of scams – often manifesting as authorized push payment fraud. Szymon Morytko looks at the results of a survey of 14,000 people in 14 countries to help you understand the impact scams and the way banks deal with them has on customers. Armed with experience of helping FICO customers to tackle the scamdemic, Szymon has three key recommendations you can apply to your strategy.

How FICO Helps You Stop More Fraud

For more than 30 years, FICO has delivered best-in-class solutions that detect and prevent fraudulent activity and financial crime across the customer lifecycle. Organizations around the globe rely on our transparent technology and domain-led portfolio of analytics for their due diligence, helping them to meet regulatory compliance requirements and protect themselves and their customers from fraud.

• Read the FICO Global Fraud Report 2023
• Visit the FICO.Com Protect and Comply Web Pages
• Read the 2023 Scams Impact Survey Whitepaper
• Read the 2022 Consumer Survey Whitepaper: Fraud, Security and Customer Behavior