{"id":752018,"date":"2023-04-27T08:50:30","date_gmt":"2023-04-27T12:50:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/"},"modified":"2023-04-27T08:50:30","modified_gmt":"2023-04-27T12:50:30","slug":"fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/","title":{"rendered":"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims<\/b><\/p>\n<p class=\"bwalignc\"><i>As real-time payments rise, so do scams, with 70 percent of South Africans saying they have received a message they thought was a scam<\/i><\/p>\n<p>JOHANNESBURG&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nCustomers are overwhelmingly adopting real-time digital payments like MoneyGram and banking apps, but with new payment channels comes an inevitable rise in fraud. In the case of Real-Time-Payments (RTP), criminals are becoming increasingly crafty with scams, and consumers are unwittingly sending their hard-earned money to fraudsters.<\/p>\n<p>\nA new survey by leading analytics software firm FICO showed that 91 percent of adult South Africans said they had sent a real-time payment (RTP), 92 percent had received an RTP, and 90 percent will maintain or increase their use of RTP over the next year. However, 64 percent of respondents said friends or family members have been victims of scams. 19 percent of respondents said they had paid for investments, goods, or services they never received.<\/p>\n<p>\nMore information: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fico.com%2Fen%2Flatest-thinking%2Febook%2F2023-scams-impact-survey-south-africa&amp;esheet=53388181&amp;newsitemid=20230427005062&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.fico.com%2Fen%2Flatest-thinking%2Febook%2F2023-scams-impact-survey-south-africa&amp;index=1&amp;md5=8ee8d6995cfb9afa37823557341e336d\">https:\/\/www.fico.com\/en\/latest-thinking\/ebook\/2023-scams-impact-survey-south-africa<\/a><\/p>\n<p>\nMore highlights from the survey:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n70 percent of South Africans got an unsolicited text, email, phone call, or other outreach they thought was part of a scam<\/p>\n<\/li>\n<li>\n81 percent of South Africans think banks should have better fraud detection systems<\/p>\n<\/li>\n<li>\n79 percent would feel positive if a bank stopped them from making a suspected scam payment<\/p>\n<\/li>\n<\/ul>\n<p>\nSince RTP don\u2019t typically have the same level of consumer protection as a credit card payment, educating customers about the nature of RTP (instant, irrevocable, not eligible for reimbursement) as well as regular updates about prevalent scams, with the need to exercise care and due diligence can help reinforce the bank\u2019s role as a guardian of the customer\u2019s accounts.<\/p>\n<p>\n\u201cBanks need to proactively help consumers by deploying AI and machine learning to help identify and quantify the probability of an individual transaction being related to a scam,\u201d said Michelle Beetar, vice president and managing director for FICO in Africa. \u201cTwo-way, direct, personalised, customer interactions in the channel of customer choice can help too, by enabling the consumer to think before they act. Prompt resolution can help keep scam victims satisfied, reducing customer churn and support costs.\u201d<\/p>\n<p><b>Communicating About Scams<\/b><\/p>\n<p>\nSouth Africans prefer notifications on scams to be delivered in their banking app at 37 percent, the second highest in the FICO global survey. This shows a high level of sophistication among consumers and a high level of trust in bank app security. Moving customer notifications, and customer engagement generally, into the bank app provides a much more secure and trusted experience.<\/p>\n<p>\nUsing proactive personalised, two-way communication capabilities that are directly integrated into a scam detection solution can help facilitate immediate notification of potential scam activity, reducing the likelihood of a customer losing money to a criminal. Best-in-class communication capabilities will also support the other channels consumers use, including phone, text\/SMS, email, together with newer over-the- top (OTT) messaging platforms such as WhatsApp.<\/p>\n<p><b>Who Is Responsible for Losses?<\/b><\/p>\n<p>\nThe survey also revealed consumers\u2019 mindset about who should be responsible if they fall victim to a scam. 56 percent of South African adults think they are ultimately responsible if they send a payment to a scammer. While this is slightly higher than the global average (50 percent), it indicates that individuals are aware of some of the implications of RTP. But a high percentage of consumers still think that both initiating and receiving banks have a high degree of responsibility for scams. Up to 15 percent of the respondents would change banks if they were a scam victim and were not satisfied with the bank\u2019s response.<\/p>\n<p>\n\u201cBy incorporating scam-specific analysis and scoring for individual transactions, as well as comprehensive decisioning and intervention capabilities throughout the customer lifecycle, banks can help identify and stop scam payments before customers have lost any money,\u201d said Beetar. \u201cBanks should take advantage of predictive models that can quickly and accurately detect scam high-risk payments, then implement automated actions and outreach to inform and help protect the consumer. Receiving banks can use linking and matching capabilities to identify fraudulent applicants and prevent criminals from opening accounts to facilitate receipt of these payments. They can also use these same capabilities to identify potentially fraudulent accounts already on the books and flag them for monitoring or apply step-up treatments to root out and close them down.\u201d<\/p>\n<p>\nIn many global markets, there is a regulatory push for banks (both depository and receiving) to be held liable if customers are victims of scams that involve authorized push payment\/authorized user fraud. In South Africa, 29 percent of respondents said they think a bank should always refund a scam victim, while another 38 percent think they should be refunded most of the time \u2014 a significant majority at 67 percent.<\/p>\n<p>\n\u201cBanks risk reputational damage and potential regulatory action if they fail to compensate victims for scam losses,\u201d said Beetar. \u201cIn this case, the best defence against loss liability is preventing loss in the first place! Putting the right transactional monitoring and scam detection capabilities in place can help keep customers safe before any loss ever happens.\u201d<\/p>\n<p>\nFICO\u2019s online survey was conducted by an independent research company adhering to research industry standards. 1,000 South African adults were surveyed, concluding in January 2023. This was part of a project surveying more than 14,000 consumers in 14 countries, including Brazil, Canada, Colombia, Germany, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Spain, Turkey, and USA. FICO has industry-leading fraud management solutions, including an <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fico.com%2Fblogs%2Four-scams-model-just-won-award-machine-learning&amp;esheet=53388181&amp;newsitemid=20230427005062&amp;lan=en-US&amp;anchor=award-winning+scam+detection+model&amp;index=2&amp;md5=3c1b978c4cb30332ae52baad9e0f1516\">award-winning scam detection model<\/a>.<\/p>\n<p><b>About FICO<\/b><\/p>\n<p>\nFICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO South Africa is headquartered in Illovo, Sandton.<\/p>\n<p>\nJoin the conversation at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Ffico&amp;esheet=53388181&amp;newsitemid=20230427005062&amp;lan=en-US&amp;anchor=https%3A%2F%2Ftwitter.com%2Ffico&amp;index=3&amp;md5=3b2acbc1cd03752d58e1918f6dae2fc4\">https:\/\/twitter.com\/fico<\/a> &amp; <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.fico.com%2Fen%2Fblogs%2F&amp;esheet=53388181&amp;newsitemid=20230427005062&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.fico.com%2Fen%2Fblogs%2F&amp;index=4&amp;md5=0881ae42108304511215efc29cbb22a7\">http:\/\/www.fico.com\/en\/blogs\/<\/a>.<\/p>\n<p>\nFor FICO news and media resources, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.fico.com%2Fnews&amp;esheet=53388181&amp;newsitemid=20230427005062&amp;lan=en-US&amp;anchor=www.fico.com%2Fnews&amp;index=5&amp;md5=77094420f1ae4cfdb23cb96e8539e88f\">www.fico.com\/news<\/a>.<\/p>\n<p>\nFICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230427005062r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230427005062\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230427005062\/en\/<\/a><\/span><\/p>\n<p>\nFICO SA PR Team<br \/>\n<br \/>Nichollars Khoza, Njabulo Mnisi or Angela Moabelo<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fico@britespark.co.za\">fico@britespark.co.za<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:amakholwa@britespark.co.za\">amakholwa@britespark.co.za<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:nicho@britespark.co.za\">nicho@britespark.co.za<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:njabulo@britespark.co.za\">njabulo@britespark.co.za<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Africa South Africa<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Online Privacy Technology Payments Security Banking Professional Services Software Data Management Artificial Intelligence<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230427005062\/en\/1338635\/3\/fico-logo-blue-large.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims As real-time payments rise, so do scams, with 70 percent of South Africans saying they have received a message they thought was a scam JOHANNESBURG&#8211;(BUSINESS WIRE)&#8211; Customers are overwhelmingly adopting real-time digital payments like MoneyGram and banking apps, but with new payment channels comes an inevitable rise in fraud. In the case of Real-Time-Payments (RTP), criminals are becoming increasingly crafty with scams, and consumers are unwittingly sending their hard-earned money to fraudsters. A new survey by leading analytics software firm FICO showed that 91 percent of adult South Africans said they had sent a real-time payment (RTP), 92 percent had received an RTP, and 90 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-752018","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims As real-time payments rise, so do scams, with 70 percent of South Africans saying they have received a message they thought was a scam JOHANNESBURG&#8211;(BUSINESS WIRE)&#8211; Customers are overwhelmingly adopting real-time digital payments like MoneyGram and banking apps, but with new payment channels comes an inevitable rise in fraud. In the case of Real-Time-Payments (RTP), criminals are becoming increasingly crafty with scams, and consumers are unwittingly sending their hard-earned money to fraudsters. A new survey by leading analytics software firm FICO showed that 91 percent of adult South Africans said they had sent a real-time payment (RTP), 92 percent had received an RTP, and 90 &hellip; Continue reading &quot;FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T12:50:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230427005062r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims\",\"datePublished\":\"2023-04-27T12:50:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/\"},\"wordCount\":1069,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230427005062r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\\\/\",\"name\":\"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/","og_locale":"en_US","og_type":"article","og_title":"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims - Market Newsdesk","og_description":"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims As real-time payments rise, so do scams, with 70 percent of South Africans saying they have received a message they thought was a scam JOHANNESBURG&#8211;(BUSINESS WIRE)&#8211; Customers are overwhelmingly adopting real-time digital payments like MoneyGram and banking apps, but with new payment channels comes an inevitable rise in fraud. In the case of Real-Time-Payments (RTP), criminals are becoming increasingly crafty with scams, and consumers are unwittingly sending their hard-earned money to fraudsters. A new survey by leading analytics software firm FICO showed that 91 percent of adult South Africans said they had sent a real-time payment (RTP), 92 percent had received an RTP, and 90 &hellip; Continue reading \"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-27T12:50:30+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230427005062r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims","datePublished":"2023-04-27T12:50:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/"},"wordCount":1069,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230427005062r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-survey-nearly-two-thirds-of-south-africans-say-friends-or-family-have-been-scam-victims\/","name":"FICO Survey: Nearly Two-Thirds of South Africans Say Friends or Family Have Been Scam Victims - 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