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American Focus > Blog > Economy > Banks report ten-fold surge in digital scams, BioCatch says
Economy

Banks report ten-fold surge in digital scams, BioCatch says

Last updated: November 18, 2024 6:29 am
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Banks report ten-fold surge in digital scams, BioCatch says
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Cybersecurity firm BioCatch has reported a significant increase in digital scams targeting U.S. and Canadian banks this year. According to BioCatch Director of Global Fraud Intelligence Tom Peacock, there has been a tenfold surge in reported scams in the first three quarters of 2023. This rise in scams comes as banks have implemented more controls to prevent account takeovers and other forms of fraud.

Peacock noted that fraudsters have realized that humans are often the weakest link in the security chain. It is easier to manipulate a person into sending money than it is to bypass technological controls. BioCatch, based in Tel Aviv, Israel, uses behavioral data from mobile apps and websites to help banks differentiate between legitimate users and criminals.

The company shared its findings with CNBC, revealing that American Express, Barclays, and HSBC are among its clients. With regulators and lawmakers focusing on the harm caused by digital scams, banks are under pressure to combat fraud and compensate victims. JPMorgan Chase, Bank of America, and Wells Fargo are facing scrutiny for their roles in the Zelle payments network, with customers reporting $166 million in fraudulent transactions in 2023.

The rise of social engineering scams, where criminals manipulate victims into sending them money, has been on the uptick for the past five years. Zelle has become a preferred method for fraudsters due to its speed compared to other remittance options. While transaction volumes on Zelle increased in 2023, reports of scams and fraud decreased by almost 50%, according to Early Warning Services.

BioCatch’s clients reported a 59% decrease in fraudulent account openings but a threefold increase in fraud through existing bank account takeovers. This shift highlights the evolving tactics of cybercriminals and the ongoing battle between fraudsters and financial institutions.

See also  Treasury sets new deadline for businesses to report ownership information

Overall, the increase in reported scams can be attributed to both the growing regulatory pressure on banks to identify fraudulent activity and the continued sophistication of cybercriminals. As the financial industry adapts to these challenges, it is crucial for banks to remain vigilant and continue implementing robust security measures to protect their customers’ assets.

TAGGED:banksBioCatchDigitalreportScamsSurgetenfold
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