Leading the Charge: Why Banks Are Uniquely Positioned for Scam Prevention

The latest episode of Banking on Fraudology tackles one of the most critical issues facing the financial industry today - the role of banks in preventing scams. Host Hailey Windham welcomes special guest Ayelet Biger-Levin, a passionate advocate for advancing scam detection and prevention strategies, to discuss why banks are uniquely positioned to make a difference.

Ayelet, founder and CEO of Rangers AI, shares her perspective on how banks can leverage their position as trusted entities and guardians of people's finances to protect customers from increasingly sophisticated scams. The conversation covers the regulatory landscape, including emerging liability shifts for authorized push payment fraud in countries like the UK and Australia. Listeners will learn about the true costs of scams for financial institutions beyond just reimbursement, including customer support expenses, lost customers, and diminished deposit values.

A key focus of the episode is on empowering customers to play an active role in fraud prevention. Ayelet introduces innovative technologies like her company's Scam Ranger tool that can automatically scan messages to detect potential scams. The discussion also touches on the challenges of balancing technological innovation with accessibility for less tech-savvy customers.

Don't miss this informative deep dive into one of banking's most pressing challenges and opportunities.