2024 Digital Banking Fraud Trends in Germany
Dig in, reinforce your digital battlements, and mount a state-of-the-art defense against the ceaseless onslaught of fraudsters and scam artists with BioCatch’s report on fraud trends in Germany.
The latest research from the creators of a next-generation financial-crime-detection and -prevention portfolio powered by behavioral biometric intelligence highlights the most prevalent types of fraud plaguing the continent’s financial institutions in 2024.
In this report, you’ll discover:
• Impersonation and Investment Scams Dominant: Germany suffers less from the purchase scams tormenting the rest of the continent and more from impersonation and investment scams. Most often, these attacks come from native German-speakers residing in Eastern Europe, both making these scams appear more legitimate to German victims and contrasting with the English-speaking world, where most attacks originate in Asia.
• Germans Less Likely to Receive Scam Refunds than Others in EU: Legislation in Germany requires banks only reimburse victims of unauthorized fraud (phishing attacks). Even in those cases, the victim must still prove they weren’t negligent, delaying the refund process and leading to low refund-rates compared to the rest of Europe.
• Online Banking Often Tedious: Germany’s response to anti-money-laundering (AML) failings in recent years has led to a reduction in risk-tolerance among financial institutions in the country, adding friction and headaches to the digital banking experience.
• Lack of Crypto Understanding a Vulnerability: Only a third of Germans polled fully understood how crypto works, leaving more than 60% of the population susceptible to falling victim to a crypto scam.
• Room for Growth in Online Banking: Less than 40% of Germany uses advanced digital banking services to apply online for new accounts or cards (39%), aggregate their accounts (30%), or use digital wallets (27%).
Download now and fortify your defenses against fraudsters with BioCatch’s insights on the ever-evolving world of digital banking fraud in Germany.