Around the globe, faster payments are becoming the norm. Peer-to-peer (P2P) payment systems, like Zelle, allow users to make instant payments using email or their mobile phone. While the convenience of a real-time digital payment network is undeniable, the inherent fraud risks must be acknowledged.
When choosing an approach to fraud detection, many organizations are struggling with the most effective path to take. According to Gartner’s Predicts 2020: Identity and Access Management1 (Gartner subscription required), “a broad spectrum of capabilities is required to create an effective payment fraud prevention strategy for digital B2C channels, including malware and bot detection, device identification, behavioral analytics and transaction monitoring.”
A Look Back at Digital Fraud During 2019
Year after year, digital fraud continues to rise. Unfortunately, 2019 was no different. As the age of digital transformation takes hold, cybercriminals are continuously finding new ways to commit online fraud. In this blog, we look back at startling digital fraud figures from 2019.
As we head into the new year, BioCatch’s Chief Cyber Officer, Uri Rivner, has looked into his crystal ball once again for our annual cybercrime and fraud predictions blog. In 2019, Uri’s predictions proved to be incredibly prescient. You can review Uri’s 2019 predictions here.
Gear up. The 2019 holiday shopping season is upon us, and with it a sharp increase in online fraud. According to Arkose Labs, fraud increased by 30% in Q3 2019, a preliminary of what’s to come as criminals test stolen credentials to pave the way to successful scamming.
Social engineering is one of the largest threats to an organization’s cybersecurity — and scammers are only getting more clever and sophisticated in their attack methods. According to Proofpoint, in the third quarter of 2019, URL-based email threats comprised 88% of overall malicious messages. And although email remains a top method of attack, phone-based social engineering scams are among the fastest growing types of threats.In the United States, the Federal Trade Commission reported that 77% of its fraud complaints involve contacts by telephone, of which social engineering is a subset.