by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – THERE is a widening gap between the scale of scam activity and financial institutions’ ability to fight the rising torrent.
This is according to SAS, a global leader in data and artificial intelligence (AI).
The report, “AI-Powered Solutions for a Trillion-Dollar Problem”, finds that many banks remain dependent on systems and controls designed for outdated threat patterns, unable to reliably detect scams where the customer is manipulated into initiating the transaction.
“Scams have matured into a global trust crisis,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS.
The official said criminals were using the same advanced technologies that institutions relied on, while also exploiting psychological levers like urgency, fear and false authority to compel victims to act.
“The challenge isn’t to predict the next scam but to build the agility and adaptability to respond to fast-changing risks in real time.”
Complementing the report, SAS is to host the webinar “Scam Season: Real Stories, Smarter Defenses” this week.
Scam losses worldwide surpassed US$1,03 trillion in 2024, according to the Global Anti-Scam Alliance (GASA).
– CAJ News