BioCatch Shares Guidance for Consumer Protection against Romance Scams
TEL AVIV, Israel and NEW YORK, Feb. 5, 2024 /PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering powered by behavioral biometric intelligence, today shared guidance for protecting vulnerable banking customers from modern-day romance scams. With Valentine's Day 2024 only days away, and authorised payment fraud continuing to skyrocket globally, it is important that the fraud-fighting community share insights on how best to protect victims and identify the perpetrators of romance scams.
- UK Finance reports a staggering 26% surge in romance scams during the initial half of 2023, leading to a loss of £18.5 million for consumers.
- "When it comes to romance scams, or any scam for that matter, banks need to play a critical role in consumer education and protection.
- BioCatch realized some time ago that a more comprehensive approach was needed to fight romance scams.
- "Romance scams are particularly cruel and often devastating for victims, leaving them with both broken hearts and empty bank accounts.