2024 Digital Banking Fraud Trends in India
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 India – the company’s first-ever report focusing on a single country. This analysis from the creators of a market-leading next-generation crime-detection and prevention portfolio powered by behavioral biometric intelligence highlights the most prevalent types of fraud plaguing India’s financial institutions in 2024 as the nation’s digital transformation continues.
In this report, you’ll discover:
• Account-takeover attacks still dominate: Accounting for 55% of all fraud in India, third-party account-takeover fraud 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. At one partner bank, BioCatch found nine out of every 10 mule accounts went undetected.
• 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.
Download our report now and fortify your defenses against fraudsters with BioCatch’s next-generation insights on the ever-evolving world of digital banking fraud in India.