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ARTICLE · 03 DECEMBER 2024

Scam Risk Management

FTI Consulting
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Scams are a persistent issue in Australia and globally, affecting individuals and businesses alike. Reports of scams have surged over the years, with Australians losing billions annually.

AustraliaStrategy
Natalie Faulkner
Natalie Faulkner

Scams are a persistent issue in Australia and globally, affecting individuals and businesses alike. Reports of scams have surged over the years, with Australians losing billions annually. This International Fraud Awareness Week (17-23 November 2024), we look at the difference between fraud and scams, who is most vulnerable and the shift towards regulated scam risk management in Australia. We also explore how global banks are preventing and detecting scam payments, highlighting common gaps and a bank 'wish list' to improve scam management.

What Is the Difference Between Fraud and Scams?

In simple terms, fraud is unauthorised, whereas scams are payments processed by customers.

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