Consumer-Engaged Fraud Classification Guide
Summary
Consumer-engaged fraud has become the biggest driver of fraud losses for financial institutions and merchants. Over two-thirds of financial institutions reported an increase in consumer-engaged fraud, with 35% experiencing over 1,000 fraud attempts annually (Alloy).
The Primax Risk Solutions Team has created a classification guide, which has been developed to help accurately measure, detect and prevent consumer-engaged fraud.
This guide includes:
- Detailed descriptions and examples of various fraud types, allowing financial institutions to recognize and respond to potential threats swiftly and effectively
- Standardization in fraud classification to help maintain consistency in reporting and data analysis, which is crucial for developing robust fraud prevention strategies
- How financial institutions can maintain the integrity and security of financial operations by fostering a proactive approach to fraud prevention