Most Americans say they are personally at fault when authorizing a real-time payment to a scammer, although most also believe their bank should refund the lost money, according to a new survey by FICO. The survey found that 59% of respondents said they are at fault for losing money to a scam through a real-time payment, with only 14% blaming their bank. However, 69% said a bank should refund the money either all of the time or most of the time.
At the same time, only 31% of respondents said their banks don’t do enough to educate them about scams. When asked what banks could do to protect customers from scams, the most popular answer was putting better fraud detection systems in place (64%), followed by providing more warnings about emerging scams when making a payment (54%), giving more warnings when making a payment (43%), declining payments defined as high risk (35%), collaborating more with other banks, telecom providers and social media companies (33%), and implementing a delay or “cooling off” period when making payments above a certain amount (31%).