The July 2024 report examines U.S. financial institutions’ maturity in defining, categorizing, tracking, and reporting scams. Most have formal definitions and taxonomies, though these vary widely, often influenced by Early Warning Services requirements. Tracking capabilities exist but are often limited to certain payment rails or scam types, and executives see value in standardization. While many FIs can report scam attacks and losses, capabilities are often immature and geared toward ad hoc analysis. The absence of an industrywide standard hinders comparability and the development of consistent reporting practices.

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