The War on Scams: How Romance and Investment Frauds Are Raking in Billions
[Image: Jason Lane-Sellers, director, identity and fraud, LexisNexis Risk Solutions EMEA, looking like a superhero ready to take down fraudsters]
The world is under attack. No, it’s not aliens, it’s not zombies, it’s something far more sinister: romance and investment fraud. These scams, facilitated by sophisticated scam centers, are making billions of dollars each year, preying on the vulnerable and the gullible.
According to LexisNexis Risk Solutions’ 2023 Cybercrime Report, authorised payment fraud, including romance and investment scams, is on the rise globally. In the UK alone, London police reported that these schemes allowed scammers to accumulate a staggering £92.8 million from 2022 to 2023.
So, how do these scams work? Well, fraudsters are exploiting instant payment systems to target consumers through authorised payment fraud, also known as authorised push payment (APP) fraud. They’re using advanced tactics like phishing sites, mobile malware, and multilingual call centers to manipulate people into sending them money.
And it’s not just individuals who are being targeted. Scam centers are also targeting businesses, using tactics like fake invoices and payment requests to steal money.
But here’s the thing: these scams are not just limited to one country or region. They’re global, and they’re getting more sophisticated by the day.
LexisNexis identifies the growth of scam centers in certain border regions of South-East Asia as a major concern. These centers are highly organised and use advanced technology to carry out their scams.
So, what can we do to stop these scams? Well, for starters, we need to develop a comprehensive understanding of our customers and how they interact with us. We need to use advanced technologies like biometrics, digital persona profiling, and artificial intelligence to identify high-risk situations.
We also need to educate ourselves and others about the warning signs of these scams. We need to be aware of the tactics that fraudsters are using and how to avoid falling victim to their tricks.
And finally, we need to support law enforcement agencies in their efforts to take down these scam centers and bring the perpetrators to justice.
The war on scams is a war we can win, but we need to be vigilant and work together to make it happen.
[Image: A group of superheroes, including Jason Lane-Sellers, standing together, ready to take down fraudsters]
Join the fight against scams. Stay informed, stay vigilant, and stay safe.