A House Financial Services Committee oversight and investigations subcommittee hearing titled “Fraud in Focus: Exposing Financial Threats to American Families” brought together experts to discuss the changing nature of fraud and the limitations banks face with current technologies, and the collaborative strategies needed to combat fraudsters.

Ian Bednowitz, general manager of LifeLock, a division of Gen Digital, Inc., described fraud as “escalating at an exponential pace, putting more people at risk every single day,” as over 75% of cybercrime originates from scams and social engineering.