Security News > 2022 > March > Payment fraud attack rate across fintech ballooned 70% in 2021

Sift released a report, detailing the increasingly sophisticated - and often automated - tactics cybercriminals leverage to commit payment fraud.

Derived from a global network of over 34,000 sites and apps and a survey of over 1,000 consumers, the index reveals that the payment fraud attack rate across fintech ballooned 70% in 2021-making it the highest increase across any vertical in the network.

The increase in payment fraud also correlated with massive 121% growth in fintech transaction volumes on Sift's network year-over-year, making this sector an attractive target for cybercriminals.

In late 2021, Sift's Trust and Safety Architects discovered a growing number of fraud schemes on Telegram offering unlimited access to BNPL accounts through fake credit card numbers and compromised email addresses-showcasing the array of methods actors in the Fraud Economy are using to target the entire fintech sector.

Along with network-wide growth in average daily transaction volumes across every industry, Sift saw an overall 23% surge in blocked payment fraud attacks in 2021.

"Many brands fail to realize that the damage of payment fraud goes beyond the initial financial impact," said Jane Lee, Trust and Safety Architect at Sift.

News URL

https://www.helpnetsecurity.com/2022/03/21/payment-fraud-increase/