Scam Detectors is a new podcast from global fraud and financial crime prevention company, Featurespace.
Hosted by technology journalist Jane Wakefield, the podcast aims to increase awareness of rising scams and highlight what you can do to protect yourself.
Jane has over 20 years’ experience at the BBC, and she will highlight a variety of different types of scams, including exploring the sophisticated techniques fraudsters use and how banks are integrating technology to protect customers as well as tips for consumers to avoid scam attempts.
Launched during BBC’s Scam Safe Week, the first episode focuses on romance scams with insight from BBC Cyber Correspondent, Joe Tidy, as well as first-hand experience of how an individual was targeted by scammers over a dating app and lost almost $60,000.
This follows recent research from Featurespace and Opinium, which revealed that three in ten (30%) UK adults have been a victim of financial fraud, and more than half (55%) have seen an increase in the number of scam attempts in the last 12 months.
Fraud is now the most common crime in the UK according to data from the National Crime Agency. It accounts for 40% of all offences recorded in England and Wales – whilst UK Finance figures show that almost £1.2 billion was lost to fraud in the UK last year.
Research commissioned by Featurespace and conducted by PYMNTS Intelligence in the USA saw that three in 10 US consumers have been scammed in the last five years, with US scam victims losing on average $545.
Romance scams had the largest financial impact, the report found, with average losses of almost $2,000 followed by investment scams which cost US victims an average of $1,104.
With romance scams, they tend to be longer in duration, with victims making an average of 3.6 payments — nearly twice as many as other schemes.
Featurespace is the latest signatory to the Which? Anti-fraud coalition which calls on the new government to make preventing fraud a national priority and to provide leadership to ensure businesses can share intelligence to better detect fraud targeting consumers. Other signatories include UK Finance, Pay.UK, NatWest and BT.
Martina King, CEO of Featurespace, comments: “As scams become increasingly sophisticated, it can be hugely challenging for people to stay safe from fraudsters. This podcast will raise awareness of the rising scam threat and provide people with actionable tips to protect themselves.
“Hearing first-hand accounts of how scams have impacted people’s financial, emotional and mental wellbeing is heartbreaking but also reiterates the importance of overcoming this crime.
“We are grateful to our clients for all their work in protecting their customers and reducing losses for everyone affected.”
Jane Wakefield adds: “This podcast series provides fascinating insight into techniques of fraudsters so we can all stay one step ahead, whilst providing real-life victims the opportunity to share their experiences shedding light on this critical topic.
“We also delve into the challenges financial institutions face fighting scams and the different approaches banks are taking to tackle this increasingly important issue allowing us to focus on the entire life cycle of scams with our expert guests.”
The Scam Detectors podcast is available on the Featurespace website.
