Verification failures contribute to revenue losses averaging 3%, amounting to an estimated $34 billion annually across the industry. “Financial Scams Are the New Customer-Churn Crisis for Banks”, a report commissioned by Block, found that in 81% of successful scams, criminals impersonated trusted authorities, friendly strangers or personal contacts. PYMNTS Intelligence found that nearly 94% of global identity platform users reported that know your customer and know your business processes have become easier over time. Recovery experiences, in turn, influence trust. Among consumers who regained most or all losses, 90% expressed confidence that their institutions would help prevent future scams.