Top 5 UK Bank Saves £500K per Month in Fraud Losses by Preventing Social Engineering Voice Scams Using Behavioral Insights
A top 5 UK bank experienced a growing increase in social engineering voice scams, also known as Authorised Push Payment (APP) fraud, despite heavy investment in both technology and talent. Making up a large portion of their monthly fraud losses, social engineering voice scams were costing the bank hundreds of thousands of pounds per month and damaging customer confidence and trust.
Although the bank had implemented a comprehensive fraud technology stack including transaction, device, and malware analysis, among other custom solutions, social engineering voice scams and highly sophisticated cybercriminals were successful in bypassing all controls. Seeking a precise solution, the bank worked alongside BioCatch teams to develop a behavioral approach to fight back.