Warning: exif_imagetype(https://www.edeals2day.com/wp-content/uploads/2018/10/fraud3.jpg): failed to open stream: Connection refused in /home/deploy/sites/www.edeals2day.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://www.edeals2day.com/wp-content/uploads/2018/10/fraud3.jpg): failed to open stream: Connection refused in /home/deploy/sites/www.edeals2day.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://www.edeals2day.com/wp-content/uploads/2018/10/fraud3.jpg): failed to open stream: Connection refused in /home/deploy/sites/www.edeals2day.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://www.edeals2day.com/wp-content/uploads/2018/10/fraud3.jpg): failed to open stream: Connection refused in /home/deploy/sites/www.edeals2day.com/wp-includes/functions.php on line 3336

Jilino1 tv.Jilino1 tv,Jilino1 tv

Science & Technology

Attempted fraud in digital banking grew by 250%: research

2020 was a year of an increased fraud rate

fraud cases

Attempted fraud in digital banking grew by 250%: research. Source: shutterstock.com

Global reports on financial transactions globally by Feedzai detail a variance in financial crime and consumer behavior in the Asia-Pacific region in comparison to Northern America and Europe.

According to data, in 2020, there was an increase in fraud cases. This can be attributed to the rapid shift to digital commerce and banking services, a move which saw many customers swindled of their purchases, some faced impersonation scams involving account takeovers and money mule schemes.

In Q4, there was a 65% rise in account takeover scams. Here, scammers use stolen account data, credentials, and passwords to impersonate legitimate owners.

They then transfer the funds to their accounts or make purchases with the stolen info. Since money moves rapidly, thanks to technological advancements, it becomes impossible to get it back once swindled.

There was an increase in attempted fraud in digital banking by 250%. The past year has seen a 200% increase in digital payments, leading to a 250% rise in fraud cases. Branch and telephone fraud rates, however, decreased.

In Q2 2020, there was an increase in fraud rates in digital media by 178%. The lockdowns saw the demand for streaming services and books increase. In North America and Europe, fraud cases increased by 178% in 2020.

At the onset of the pandemic, card-present fraud cases dropped by 48%. The volume of card-present transactions also dropped by 20% and has maintained that level.

Since card-not-present purchases do not have sufficient security measures such as behavioral analytics, machine learning, and two-factor authorizations, they drive up to 70% of scam cases.

Criminals are more likely to partake in impersonation scams (23%), account takeover scams (22%), purchase scams (22%), romance scams (3%), and investment scams (6%).

The most obvious signs of money laundering crimes include movement of large sums through dormant accounts, similar amounts transactions, round amounts transactions, and fast movement of money.

We’ve reported that the worth of the e-sports industry will grow by 70% over 4 years.

SEE ALSO:

Pay Space

7166 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.