P2P Fraud Target Shifts: Now Aiming at $75k-$100k Earners
Fraud within the peer to peer payments industry is shifting from high earners to middle income earners. The trend is an alarming cause for concern. In the past, most fraudsters have targeted P2P transactions from wealthy individuals. But with a much higher percentage of the population residing in this newly targeted earnings demographic, more P2P fraud is likely to occur.
Mobile payment for undelivered items has stayed relatively steady for high earners, but has jumped from 21% in 2019 to 27% in 2020 for this newly targeted income bracket. “Lost money” for high earners has remained steady through 2020, while leaping higher for $75k-$100k earners.
As middle income consumers increase their use of P2P payment services, the likelihood of fraud has increased as well. And 2021 is likely to be the worst year ever.
P2P payments providers must combat this fraud, and could do so with advanced real-time anti-fraud tools like those from ToolCASE. The most advanced transactional Ai company on earth, ToolCASE can not only detect these frauds live, but can prevent P2P providers from processing fraudulent transactions before they occur.
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Or learn how P2P providers can help prevent fraud by visiting ToolCASE, HERE.