Independent Research and Policy Advocacy

Are Fraud-awareness Campaigns Effective? Measuring the effectiveness of fraud-awareness campaigns and proposing recommendations for enhancing it

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Social engineering ploys, where unsuspecting customers are manipulated into authorising fraudulent transactions are a serious customer protection concern. Regulators and financial institutions are investing effort in designing awareness campaigns in the form of TV commercials (TVCs) to raise awareness about fraudsters and their tactics with the objective of reducing customers’ tendency to engage with them. There is also a growing support for using outcome-based surveys (OBS) to test the effectiveness of such TVCs. Simple surveys that gather evidence on reported behaviour fall short of measuring effectiveness given that individuals depart from rational behaviour under the influence of behavioural biases. Consequently, OBS that gather evidence on change in behaviour are better suited to gauge the effectiveness of awareness campaigns.

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