4 lessons by former Messengers

Fraud and financial fraud are increasing. According to the annual report of the FBI Internet Crime Appeals Center, Scammers stole a record $ 16.6 billion in 2024, a 33% increase from 2023. This problem affects everyone.

The SAS faces of fraud study found that 70% of consumers have fallen victim to fraud at least once, and 40% experienced it several times.

This paints the background why it is so important to help the market fight these issues. I believe it is our responsibility of confidence to protect the vulnerable population. It is our job as a provider of solutions and your duty as consumers of financial and government services to learn how to protect ourselves from these threats. Education is indispensable. Facilitating dialogue is critical. That is why Sas Innovate invited the former mosques as the main speaker – not once, but twice – this year.

In Sas Inovo Orlando, we welcomed Frank Abagnale, the infamous theme of Catch me if you canwho once imposed a pilot, doctor and lawyer while having millions in fraudulent checks. Throughout the Atlantic, Sas Inovati in Tour London presented Alex Wood, a former cyber -crime who posed as the 12th Duke of Marlborough and used social engineering to manipulate and approved authorized payment fraud. Both now use their experience to educate organizations in the landscape of the evolution of the threat.

What are the chances of two sas innovation events would show former deductors as the main speakers? It’s no coincidence. Underlines a critical truth: in the age of it, the dangers posed by the fraudsters are more widespread and sophisticated than ever.

Within the mind of a deceiver

Financial institutions have long tried to understand how fraudsters think because knowing how they work is the first step to stop them. Today, we have a rare opportunity to do it only. Through sincere acquaintances of Frank and Alex, we are not just studying fraud; We are directly learning from them how their minds work.

And the shares could not be higher. According to Sas’ The faces of deceit The study, nine in ten customers believe that organizations should do more to protect them, and two -thirds say they will change providers if another would provide better protective measures.

These numbers are not just statistics; They are a waking phone call. They reflect a growing demand for stronger and smarter defense of fraud. And they show that faith, once lost, is difficult to recover.

Can we learn from these reformed fraudsters?

1. Fraud is first a human problem

Frank reminded us that deception begins with human behavior. Technology can evolve, but psychological levers – emergency, authority, fear – are constant. With the widespread availability of unlimited genai, synthetic identities and deepfakes amplify our risk. But the solution still begins with consciousness and education.

During his note, Frank emphasized a three -part philosophy: Prevention, verification and education. He warned that after the money was lost for fraud, he is rarely recovered-91% of the court-ordered return has never been collected. And with less than 0.05% of the criminal attacks prosecuted, prevention is the only applicable protection. “You have to be absolutely sure who is on the other side of your transaction.” Be aware of technology, how it can help you and how it can be used against you.

2. He is a two -edged sword

Alex’s leading leader in London emphasized how the generator can be armed by bad actors to step down phishing, automate social engineering, and even generate a malicious code. But he also emphasized that it is our greatest protection if we use it wisely.

He has given the fraudsters the opportunity to automate fraud. The spread of deepfaka and zero -touch fraud is the possibility of a bad actor performing numerous frauds at the same time. In fact, Alex even told the audience how simple it is to do this with applications and websites available on the App Store for anyone to enter. This should be disturbing to everyone.

3. Speed ​​and simplicity matters

Both speakers emphasized the importance of rapid action. Frauders move quickly, and institutions must move faster than they are today. This means simplifying the course of the preventive work of it, the automation of decisions and the reduction of latency between detection and response. In Sas Inovata, we showed how our customers are doing exactly by decision -making and real -time automation to simplify the investigative process.

4. Trust is the last currency

Whether it is a bank, a retailer or a government agency, trust is what keeps consumers return. Frank’s story is, in part, a tale of how faith can be broken. Today, maintaining this belief means providing data, protecting identity and being transparent about how it is used.

Frank also reminded us that Education is the most powerful tool to fight crime. If you understand the dangers of a fraud, you are much less likely to fall for it.

In Sas Inovate, we have not only heard stories; We issued a challenge. As fraudsters evolve, we must. This means investing in infrastructure, teams set up and embrace he responsible not as a good word, but as a business imperative.

So whether you are a data scientist, a danger officer or just someone who loves a good redemption bow, remember this: the best way to stop a rogue is to think like one – and then overcome them.

How is rampant digital fraud affecting customer experience? And how is it reshaping the consumer’s feeling about the anti -fraud and the technologies that empower them? Our fraud study faces are based on a global study of 13,500 customers in 16 countries.

Download the electronic book