Fraudsters Changing Targets: Banks Still at High Risk

Fraudsters Changing Targets: Banks Still at High Risk

Digitally based fraud attacks on the global financial services industry have risen 18.8% in Q2 of this year. In the Unites States alone, this figure leapt 38.3%. Fraud attacks on banks and credit unions have reached alarming new highs.

However, even as fraudsters continue to target the financial industry, a new focus of their crimes has emerged, the global entertainment and leisure industry.

While banks and credit unions are a major target of fraud, criminals have begun exploiting holes in the entertainment world as well. The video game industry saw a 393% increase in fraud while travel and leisure experienced a 156% increase, globally.

In the U.S. those figures rose 261% and 136% respectfully.

To combat this growing threat, gaming companies, as well as online travel booking agencies and their transactional portals should implement proven anti-fraud systems that operate in real-time.

As frauds continue to increase in the entertainment and leisure industries, customers will begin to shift their consumerism towards more trusted, better protected options. This could lead to a mass exodus from weakly protected companies to strongly protected companies.

To stay competitive, retain customers and grow a userbase, businesses operating in this new target space need to assure their customers that all their data, money and personal identifiable information are protected.

ToolCASE, an American company based in Denver Colorado is the solution. They offer customizable, real-time artificial intelligence solutions that not only detect fraud, but prevent it. Their technology has the industry-best capability to handle massive amounts of data, detect tiny anomalies among millions of real-time transactions and forecast where fraud will occur next.

TooCASE keeps your customers data and money safe. Allowing them to remain loyal to your brand.

Learn more about ToolCASE HERE, or read more about the growing fraud threat to the entertainment and leisure sectors, HERE.

Source: https://www.americanbanker.com/news/fraudsters-pick-new-targets-but-threats-to-banks-persist?position=editorial_1

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