The latest Feedzai Financial Crime Report Q2 2021 Edition which factors in some 12 billion global transactions between January-March 2021, shows that bank fraud is up 159%, including internet, telephone, and branch banking. Card-not-present (CNP) transactions were just 18% of all transactions, but drove 83% of all fraud attempts.
The five most commonly attempted scams were Account Takeover (ATO)-up 47%; account opening identity theft-up 23%; impersonation scams-up 21%, purchase of goods that never arrived-up 15%, and phishing scams-up 7%. A cyber and passwordless authentication expert with Veridium offers perspective.
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