Digital Fraud Attempts Up Nearly 50% Since the Beginning of The Global Pandemic
The one-year mark of the global coronavirus pandemic shutdowns has come. And with this milestone, revealing facts on fraudulent digital transaction attempts have come to light.
Fraud against businesses increased by an alarming 46% worldwide as consumers began switching their banking and commerce to online and mobile platforms at record rates. Online and mobile transactional platforms are the newest target areas for criminals.
During this timeframe, the telecommunications industry saw a 57.52% increase in fraud attempts. The financial services industry was ranked #2 in digital fraud attempts, with a jump of 57.49%.
This leap in financial fraud is largely on the backs of identity thefts. Criminals assume the persona of a real banking customer (or create fully synthetic identities) and transfer funds from real customers to their own accounts. They open lines of credit, apply for mortgages and take out loans, unbeknownst to the real customer or financial institution.
Criminals have also infiltrated ecommerce websites using stolen credit card information to purchase items. And they’re creating their own “fake” websites to utilize credit card information to purchase non-existent goods. They input credit card information for fake purchases, where funds end up in their digital vendor accounts, and then transfer the stolen monies into other accounts for quick withdrawal.
This sharp rise in financial frauds could be largely prevented should financial and credit institutions implement the latest artificial intelligence tools.
ToolCASE, the world’s most advanced transactional Ai company, can help institutions detect and prevent fraud live, as it’s happening.
Although fraudsters are using sophisticated techniques to commit digital thefts, ToolCASE has proven fraud solutions that are far ahead of the crooks.
Learn how ToolCASE can help stop digital fraud by visiting us HERE
Read more about the scourge of digital fraud in the pandemic era HERE