The cost of cybercrime is high. Not only do victims of cybercrime pay the price of losing money, trust, and confidence, but financial organisations also suffer the financial strain of having to foot the bill of cybercrime.
With the FCA's Customer Duty standards requiring financial organisations to do more in terms of customer protection, and the Payment Systems Regulatory's (PSR) mandatory requirement of full reimbursement to victims of Authorised Push Payment (APP) fraud, financial organisations need a solution that:
A staggering 87% of online users have encountered suspected scams (Ofcom).
Gone are the days of relying solely on grammar and spelling errors to unmask scams. With the advent of Artificial Intelligence (AI), scams are becoming more sophisticated, adapting and responding intuitively to interactions, making it even harder to detect their criminal intentions.
Even the most tech-savvy individuals struggle to distinguish the real from the fake, meaning many fall victim.
A concerning trend emerges in the aftermath of these successful scams—victims often fall prey to subsequent attacks. Once an individual is duped by a scam, their details are often shared on the dark web, making them vulnerable targets for future exploitation. This cycle intensifies scam traffic and raises the probability of repeat victimisation.
The consequences of repeat victimisation go beyond the individual victims to the financial institutions they engage with for essential services. A bank or payment company involved as the sender or receiver of cybercrime-related transactions that result in financial loss must shoulder the burden of reimbursing the victim.
TSB comes out on top, reimbursing 91 pence for every £1 a victim loses, and Allied Irish Bank returning 10 pence for every £1 lost (Which?).
So, as the frequency of scams escalates, organisations may face challenges in sustaining this financial strain.
Amid an ominous digital landscape, We Are Group offers solutions that are protection mechanisms against repeat victimisation of customers and prevent financial strain for financial organisations. One solution is our Digital Skills service.
As advocates of digital inclusion, we emphasise the significance of teaching online safety, scam awareness, and cyber security knowledge—a crucial part of all Digital Skills training we provide.
This solution manages the aftermath of cyber attacks and scams by offering sustained support to vulnerable individuals after they have been victimised.
Alongside supporting the digitally excluded, we extend our focus to those with an online presence, limited digital skills, or any vulnerabilities. These demographics have digital skills but may not have the know-how to protect themselves from cybercrime, ultimately making them particularly susceptible to online scams. Equipping them with the tools to navigate the internet safely is a crucial step towards minimising their risk of repeat victimisation.
Collaborating with organisations, we orchestrate a transfer from contact centre to Digital Skills training sessions. This seamless transition ensures that victims quickly receive vital support, information, and training on safe online practices, scam prevention, and cyber security, all in order to prevent a reoccurrence of them being scammed.
At the heart of this approach lies the concept of providing assistance when vulnerability is most acute and receptiveness is at its peak. By facilitating this support at the point of need, We Are Group prevents repeat victimisation and empowers people with digital capability and confidence.
This comprehensive service not only shields customers from the aftershocks of cyber attacks but also bolsters their resilience against data breaches. In the event of a data breach, this solution serves as an instant support mechanism, reassuring customers and minimising the potential for subsequent scams.
This would then reduce the financial burden of reimbursing cyber scam victims, so organisations can redirect resources towards enhancing their services. In turn, this creates an environment where customers feel empowered to self-serve, minimising the strain on contact centres and enabling them to support other more complex issues, as well as enabling efficient digital interactions.
As the cybercrime continues, proactive measures are necessary to safeguard our communities. We Are Group's Digital Skills training extends a helping hand to those who have fallen victim whilst enabling financial organisations to reduce financial strain and increase customer support.
If you want to support your customers in the face of fraud and scams, please contact Chris: christopher.gale@wearegroup.com