60 Finance Monthly. Financial Innovation & FinTech The need to act Omni-channel fraud is a type of fraud that occurs across multiple channels and can only be detected and prevented with multiple, advanced layers of protection. A recent report by TransUnion confirmed that fraudsters are using every available digital channel to access consumer accounts. Between September and December 2022, 52% of consumers said they were targeted with online, email, phone call or text messaging fraud attempts. As we’ve seen, fraudsters are ready to exploit any opportunity to make money from unsuspecting victims. During the COVID-19 pandemic, scammers called home phones and sent text messages pretending to be the government or NHS. More recently, fraudsters impersonating Royal Mail have targeted unsuspecting shoppers with phoney delivery texts, or have turned to social media to find victims. With fraudsters’ schemes becoming more sophisticated as customers use a greater number of channels, the onus is on banks to analyse all customer interactions together to stop fraudsters gaining access to their accounts, through detecting the risk of each transaction and flagging any anomalies. For example, if there is an unsuccessful attempt to access a customer account from a foreign country, this should be immediately considered against any other suspicious transactions and activity, in case the fraudster has more luck through a different channel. To get a comprehensive overview of fraud risk, banks need to take into consideration nonmonetary actions, such as a client changing their address or requesting different cards. One “Between September and December 2022 of consumers said they were targeted with online, email, phone call or text messaging fraud attempts.”
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