How to stop scams

Against an uncertain economic backdrop, one industry is booming.Internet fraudsters are scamming more and more victims worldwide. Using increasingly sophisticated methods, they are now stealing even from the most prepared among us.But while the number of online frauds and the volumes of money involved are increasing, so are the efforts to stop scammers.In the latest New Money Review podcast, I’m joined by Simon Miller, director of policy and communications at Stop Scams UK.In the podcast, we discuss:Why the volumes of scams and the money lost are significantly underreportedHow scammers target our insecurities and vulnerabilitiesWhy scams have shot up governments’ policy agendasWhy cross-sector data sharing can help prevent scamsShould all scam victims get their money back?Who should compensate scam victims—banks, tech firms or telecoms?Why fraudsters like digital paymentsWhy fintechs face higher compliance costsWhy combating scams requires global coordinationWhy artificial intelligence (AI) is both bad and good newsThe trade-off between privacy and fraud preventionHow to reduce the chances of being scammedWhy the Israel-Gaza war will drive new charity scams