FICO recently released new research from its second annual Global Scams Impact Survey regarding consumers’ increased use of real-time-payments (RTP), leading to higher reported scam threats and an increase in losses.

Overall, FICO found consumers around the globe report that with the increase of scams, they have higher expectations for fraud prevention at banks. Experts said banks need to remain competitive in fighting fraud and providing consumers with excellent customer experiences.

“Consumers are asking for banks to do a better job at identifying scams,” said Debbie Cobb, vice president of fraud product management at FICO. “Banks need to prioritize guarding their customers from scams with fraud detection technology that can keep up with the ever-changing landscape, as well as offering educational resources on how consumers can best protect themselves.

“The survey found that although most consumers globally (59%) say their banks provide enough education on scams, 36% of consumers in the USA and Canada believe their banks do not provide enough,” Cobb continued in a news release.

The survey showed that more consumers globally in 2024 reported that their family and friends have been victims of RTP scams than in 2023.

FICO noted 56% of consumers (globally) now say their friends or family members have been scammed, versus 51% in 2023.

Across the world, North American countries reported 47% of family and friends being scammed, Latin America countries reported significantly higher at 69%, European countries reported at 48%, and Asia-Pacific countries reported 56%.

The survey also showed that globally, 73% of consumers would feel positive about their banks if they intervened to stop RTP transactions that had been detected and identified as scams, leading to increased customer retention and loyalty. Half of consumers globally (50%) ranked “have better fraud detection systems” as the top action their banks could take to protect them from scams.

Experts said consumers will take a series of actions that are costly to banks when they experience scams.

FICO noted customer churn is one of the most significant risks, as 13% of consumers globally say they could change banks if unhappy with how their bank manages the experience around scams.

Furthermore, researchers mentioned reimbursement liability is another significant consideration, as 65% of consumers globally say that banks should be required to reimburse scams victims for their losses always (34%) or most of the time (31%).

In contrast, 47% of Asia-Pacific consumers report lower percentages asking for banks to reimburse for scam losses always (24%) or most of the time (23%), according to FICO.

FICO offered more insights about banking and fraud in the U.S. through this online book.