FBI Warns Mobile Banking Fraud is on the Rise Is Your Institution Really Protected?
More bank customers now conduct their banking through mobile apps and online platforms than ever before. This leaves the door wide open for fraud.
- Since the beginning of the year mobile banking has surged 50%
- And new mobile banking registrations have jumped 200%
But with this growth in mobile banking comes BIG growth in fraud
In fact, since the pandemic began, successful fraud attacks are up 39.48% for digital banking. And the cost to banks and other financial institutions has grown substantially as well. Banks are now paying $3.78 for single dollar in fraud committed on them. A $10,000 fraud committed on a financial institution now costs that institution $37,800. As the cost of fraud reaches historic levels, banks are at risk of losing fortunes to the criminals. However, there is a solution to help protect your financial institution from the fraudsters and the massive losses they’re causing.
Sources:
https://www.acfeinsights.com/acfe-insights/fbi-warns-of-increase-in-mobile-banking-fraud
https://www.pcbb.com/bid/2020-10-05-Fighting-Back-Against-Mobile-Banking-Fraud
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