BioCatch releases comprehensive analysis of digital banking fraud trends in India

In our first-ever report focusing on a single country, BioCatch’s 2024 Digital Banking Fraud Trends in India suggests mule accounts – used by fraudsters as intermediate stops between a victim’s account and the stolen money’s end destination – represent a much larger scourge than financial institutions in the nation might think, with nine out of every 10 mule accounts going undetected at one partner bank.

In our latest research, we highlight the most prevalent types of fraud plaguing India’s financial institutions in 2024, as that nation’s digital transformation continues:

Account-takeover attacks still dominate: Accounting for 55% of all fraud among our Indian customers, third-party account-takeover still represents a bigger slice of the fraud pie than the social-engineering scams BioCatch sees exploding elsewhere on the planet.

Mules a massively underreported plague: Every device found to participate in mule activity in India logged into an average of 35 accounts each.

Fraudsters likely accessing Indian mule accounts from outside the country: While 86% of the first session of documented mule account activity came from within India, after a month that number fell to just 20% – and 16% of those sessions used a VPN.

To access our report, click here and fortify your defenses against fraudsters with BioCatch’s next-generation insights on the ever-evolving world of digital banking fraud in India.

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