98% of Cybercrime involve human psychology and the numbers are stagering. Fraud is the fastest growing crime and is already the #1 reported crime in the UK and many other countries.

The Growing Threat

Financial scams have reached unprecedented levels, with global losses exceeding $1 trillion annually as of 2023. Alarmingly, one in four people have fallen victim to these scams, highlighting the pervasive nature of this issue. The combination of sophisticated AI tools and instantaneous payment methods has empowered scammers to execute their schemes more efficiently and on a larger scale than ever before. Malicious state actors like Russia, Iran and North Korea and organised criminal groups are utilising CyberFraud to generate massive amounts of money. The delta between threat and defence capabilities is widening faster than ever.

Targeting the Vulnerable

Criminals are increasingly targeting the most vulnerable members of society—our elders. Often the least tech-savvy, older adults are also among the wealthiest demographic, making them prime targets for financial predators. However, no one is immune; people from all walks of life are being targeted, underscoring the universal threat posed by financial scams. This is a total E2E problem

Mitigation, Not Elimination

Despite the alarming statistics and the sophisticated methods employed by scammers, it is impossible to completely eradicate financial scams. The best course of action is to focus on mitigating the risk and this is where Falkin comes in.

Conclusion

We believe that a human focused problem like scams requires a human centric solution. We’re building capabilities for people to defend themselves. Get in touch to learn more!