Security News > 2022 > May > Popularity of online payment goes hand-in-hand with fraud

Noting that banking fraud continues to rise, the data-driven research study found a 41% increase in attempted fraud over a similar evaluation conducted the year before by its data scientists.

Data scientists and fraud subject matter experts compiled anonymized data secured from a subset of its total monitored transactions, including both online and offline payments channels that covered ACH, wires, checks, card purchases, and P2P transactions.

The popularity of mobile usage goes hand-in-hand with fraud - 61% of attempted fraud attacks through mobile apps are account takeovers, the data showed.

46.9% of attempted fraud stemmed from card-not-present transactions across payment channels.

Explains Craig Costigan, CEO, NICE Actimize, "Incidents of fraud against financial institutions and consumers continue to rise. For financial institutions to conquer these challenges, they must fully leverage data as the most important element of fraud prevention. World-class collective intelligence, with advanced analytics and AI, provides protections that safeguard banking channels while enabling more friction-free customer experiences."

P2P fraud saw an increase of 63% in attempted fraud dollar value and a 38% increase in attempted fraud rate in the past year.

News URL

https://www.helpnetsecurity.com/2022/05/18/financial-institutions-fraud-threats/