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.
Heading into the new year, everything from your washing machine to your mobile banking app will be a potential source of fraud risk. It’s the challenge of living and doing business in the age of digital transformation. As our day-to-day lives becomes more convenient through all that technology has to offer, fraud becomes simpler for cyber criminals.
Cybercriminals never stop improving their attack methods. Cross-channel fraud is one of their latest strategies, and it’s causing trouble for financial institutions and online merchants who are embracing the omnichannel payments revolution.
Traditional Fraud Detection Solutions Are Failing
BioCatch’s unparalleled approach to fraud detection goes beyond traditional tools to detect malware, robotic and aggregator activity, social engineering and other remote access threats, stopping cybercriminals in real-time.