2024 Digital Banking Fraud Trends in North America
BioCatch’s 2024 Digital Banking Fraud Trends in North America report highlights the most prevalent types of fraud and financial crime plaguing the continent’s financial institutions in 2024.
In this report, you’ll discover:
• Scams, scams, everywhere: The number of social engineering scams reported in North America increased by a factor of 10. Scams now represent 23% of all digital banking fraud in the region.
• Banks now committed to money mule-detection: BioCatch data shows a 94% uptick in reported money laundering accounts, showcasing both the scope and scale of the money mule problem in the region and the efforts North American banks have made in the last year to identify and shut down these accounts.
• A win for banks: Account-opening fraud declined by nearly 60% in the last year, as banks implemented additional controls, such as behavioral biometric intelligence.
• Phony checks and balances: Check and deposit fraud volumes tripled in the last year. As banks have made it more difficult for fraudsters to create new accounts, these bad actors have changed their tactics, devoting more attention to deposit fraud on existing accounts.
• Cut-and-paste red flags: BioCatch saw the copying and pasting of login credentials in nearly 30% of all fraud cases and in less than 1% of legitimate banking sessions.
• Device intel insufficient: Nearly a quarter of all unauthorized fraud in North America takes place on trusted devices.
Download now and fortify your defenses against fraudsters with BioCatch’s insights on the ever-evolving world of fraud and financial crime in North America.