Cybercrime is opportunistic, and there is no time like the present for criminals to adapt their tactics, old and new, to defraud online customers. Remote access scams are one of those tactics, and the number of attacks has grown during the COVID-19 pandemic. Cybercriminals are using the unstable environment to their advantage to take over digital accounts. We’ve seen remote access used more frequently by both legitimate users and criminals as more of everyday life shifts online.
Mule accounts are the most critical link in the fraud supply chain infrastructure. After all, cybercriminals can’t steal money if they have nowhere to send it. According to Europol, more than 90% of all money mule transactions are directly linked to cybercrime.
Fraudsters thrive on confusion and fear. We saw this unfold during the peak of the COVID-19 pandemic. As financial institutions scrambled to adjust to supporting a remote workforce, customers were also adjusting to moving more business online. In fact, financial institutions saw a 250% increase in digital channel usage on average, noted Julie Conroy, Research Director at Aite Group, in a recent webinar. “This wasn’t just existing customers, but we also saw a lot of net new users come into the fore.”
There is one word that lives in the vocabulary of every fraud and security operations team: collaboration. All you have to do is read about the takedown of some of the most notorious cybercrime gangs to know success relies on the ability to work well with one another. While this might be an extreme example, the nature of collaboration is no different and no less important for teams on the front lines of fighting fraud every day.
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.