Today, Featurespace, the leading provider of enterprise financial crime prevention software, announced the release of a new report, “The State of Fraud and Financial Crime in the U.S.” conducted in conjunction with PYMNTS.com. The report paints a picture of a sector trapped between increasing financial crime – especially scams – and the perception that any solution will bring added complexity and compliance headaches.

Scams soaring in the States

Authorized Party fraud, to include scams, is a rapidly growing and seemingly pervasive threat to the financial services industry, representing over half (52%) of total fraud volumes. Within the Authorized Party category of the FraudClassifier SM from The Federal Reserve, the research found that scams (known as ‘authorized party was manipulated’) represent 22% of the volume and 19% of the total value of fraudulent transactions.

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