Innovative Solutions to Combat Scams: Insights from Workshop Leaders - Global Anti-Scam Summit Americas 2024

Date of Event: November 12–13, 2024

Event: Global Anti-Scam Summit Americas 2024

The Global Anti-Scam Summit Americas 2024 showcased groundbreaking approaches to combating scams, with workshop leaders sharing strategies and tools to disrupt fraud across industries. From financial services to digital experiences, the workshops emphasized collaboration, technology, and education.

Financial Services Workshop

Key Takeaways:

• Merchant Scams: Travis Moseley (Capital One) addressed the $4 billion annual threat of merchant scams, highlighting enhanced KYC protocols, financial penalties, and data-sharing as critical defenses. He called for organizations to learn from Capital One’s initiatives to combat these pervasive scams.

• Generative AI in Fraud Prevention: Xin Ren (Feedzai) demonstrated Feedzai’s AI-powered scam-check tool, which analyzes advertisements and messages for red flags. While AI offers immense productivity gains, Xin warned of risks such as automation abuse and regulatory challenges.

• Multi-Layered Security: Ranjita Iyer (Mastercard) emphasized the importance of AI-driven analysis to process vast amounts of daily data and secure digital spaces.

The workshop closed with discussions on strengthening defenses, with Ron Long (Moonshot Initiative) and Andrea Robinette (Bank of America) stressing the importance of cross-industry collaboration.

Cybersecurity Track

Lynette Owens (Trend Micro) led discussions on the evolving threat landscape:

• Education First: Owens emphasized the importance of reframing victim narratives and using terms like "relationship investment scams" to avoid victim-blaming.

• AI and Malware Threats: Presentations covered the use of AI in scams, such as identity theft through malware. Eva Velasquez (Identity Theft Resource Center) highlighted the emotional toll on victims, with many feeling violated or contemplating self-harm.

• Practical Solutions: Owens introduced Trend Micro’s app for identifying scam advertisements and deepfake videos, while panelists addressed tailored interventions for children and seniors.

Telecom Track

Kevin Rupe (USTelecom) explored the evolving role of telecom in scam mitigation:

• Traceback Tools: Jessica Thompson (USTelecom Industry Traceback Group) showcased advances in tracing fraudulent calls to their origin within 24 hours.

• Global Cooperation: Linda Vandelo (AT&T) discussed international initiatives like GIRAF and One Consortium to combat telecom fraud.

• Emerging Trends: Presenters highlighted innovations such as secure messaging initiatives and branded calling to reduce scam risks.

Blockchain and Digital Payments

Jonathan Martin (Blockchain Analyst) focused on securing the rapidly growing crypto market:

• Adapting to Change: With $120 trillion traded in crypto in 2024, Martin emphasized the need for updated regulations and tools to prevent fraud.

• Personal Insight: Sharing his own experience as a scam victim, Martin highlighted the importance of education and technology to build trust in blockchain.

Customer-Centric Solutions

Abigail Davis (Amazon) emphasized designing user experiences to mitigate scams:

• Education in “Surround Sound”: Timely, consistent, and simple messaging was cited as key to consumer education.

• Dynamic Friction: Panelists discussed the need for adaptive security measures, such as evolving CAPTCHA challenges and biometric solutions, to stay ahead of scammers.

• Building Norms: Ideas like appointing a “scam victim in residence” to highlight vulnerabilities were proposed as innovative solutions.

Looking Ahead

The workshops highlighted the necessity of multi-sector collaboration, cutting-edge technology, and public education to combat scams effectively. By addressing scams at every level—technology, policy, and human impact—the Global Anti-Scam Summit Americas 2024 laid a robust foundation for future progress.