Fraudology Podcast with Karisse Hendrick
Alarming Rise in Bank Fraud: 2024 SAR Report Insights
Mar 4, 2025
Hailey Windham, host of the Banking on Fraudology podcast and banking fraud expert, joins the conversation to reveal shocking insights from the 2024 Suspicious Activity Reports. They discuss the alarming rise in bank fraud, particularly account takeovers and identity theft, and explore how AI and deep fakes are making these schemes more effective. Hailey provides practical advice for both consumers and institutions on recognizing and preventing fraud, emphasizing the need for collaboration and improved tech to tackle these evolving threats.
50:22
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The alarming rise in bank fraud cases, particularly a 36% increase in account takeovers, underscores the urgent need for enhanced fraud detection strategies.
- Victim narratives in fraud cases highlight the human impact behind statistics, emphasizing the importance of improved support and communication from financial institutions.
Deep dives
Growth of Suspicious Activity Reports (SARs)
The increase in Suspicious Activity Reports (SARs) filed for 2024 highlights a significant rise in online fraud across multiple sectors. Fraud occurrences such as account takeovers, identity theft, and wire fraud have surged, with reports indicating a 36% increase in account takeovers alone. The surge is largely attributed to data breaches that have provided criminals with stolen credentials, enabling them to efficiently hijack online accounts. Financial institutions are using these trends to refine their fraud detection strategies and enhance controls, underscoring the necessity of monitoring SAR data to anticipate emerging threats.
