A recent study by global analytics software company FICO highlights an increasing vulnerability to scams associated with RTP in Spain.
Notably, 80% of Spanish consumers reported receiving suspicious communications such as texts, emails, or calls, marking a 4% increase from the previous year. The survey also revealed a worrying trend of both the frequency and the amount of losses due to scams, with more Spanish consumers experiencing losses in 2024 compared to 2023. Additionally, the incidence of high-value scams exceeding €5,000 rose significantly, from 4% to 7%.
Despite these challenges, the survey brought to light some positive developments. A considerable portion of Spanish consumers are showing prudence by not proceeding with payments after receiving scam warnings from their banks. In fact, only 7% ignored such advisories, which is half the global average. The proactive approach taken by banks in scam detection and customer notification is evidently making a difference, as 74% of respondents expressed satisfaction with their bank’s scam resolution processes.
Miguel Carrilho, senior consultant at FICO in EMEA, emphasized the role of banks in scam prevention, stating, “The best way to avoid the risk, liability, and loss of reputation that scams can create is to prevent them from happening in the first place.” He highlighted the crucial role banks play in identifying and intervening in scam transactions to protect customers effectively.
The findings also pointed out that consumers have varied preferences for receiving scam alerts, with 41% preferring notifications through their bank’s app, an 11% increase over the previous year. This suggests a shift towards digital solutions for scam prevention.
In conclusion, while RTPs are perceived by many as more secure than traditional methods like credit cards, the increase in scam incidents calls for enhanced vigilance and more robust fraud detection systems from banks. As the landscape of digital payments evolves, so too must the strategies to safeguard consumers from financial threats.
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