New Global Trends research highlights several countries around the world intensified efforts in countering online scams, including by updating some of their respective regulatory frameworks.
Data on online scams in Australia, Brazil, Canada, Hong Kong, Singapore, South Africa, the UK and the US shows that scams are increasing, and so are the losses reported by victims.
The increasing availability of digital payment platforms and apps, some of them offered by non-banking institutions, has offered economic and social opportunities all over the world. At the same time, only a small fraction of scam victims manages to block in time or recover money sent to scammers via instant payments.
Among the countries analysed in this Global Trends research, some already implemented technical measures that facilitate the detection and blocking of suspicious incoming calls and/or messages.
New regulatory proposals are currently being debated in some countries on:
- the possible review of current liability frameworks applicable to online service providers and financial institutions; and
- whether (and how) scams victims should be compensated for their financial losses.
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