Community Banks Launch Fraud Awareness Campaign

Four community banks in Western Kentucky are launching the 'Community Banks Fighting Fraud' campaign to educate customers about fraud prevention, starting November 29, 2024. The initiative emphasizes awareness of common fraud tactics, particularly during the holiday shopping season, and will feature a series of social media posts providing actionable tips. In a related context, a report highlights that only 27% of financial services and online retailers in the EMEA region utilize collaborative fraud insight exchange initiatives, which can significantly enhance fraud detection. For example, combining digital identity data with email and physical addresses has reportedly increased the detection of high-risk transactions by up to 23 times. These efforts underline the importance of shared intelligence in combating fraud and protecting consumers. The collaboration among banks and improved data-sharing practices may lead to better fraud risk assessments and significant savings for financial institutions.