Banking Attacks Surge Along with Post-COVID Economy
Becky Bracken, 02 June 2021
FinTech fraud spikes 159 percent in Q1 2021 along with stimulus spending.
For many, COVID-19 has been a crushing catastrophe. But for bank scammers, it’s shaped up to be a nice little money-making opportunity.
As the post-pandemic economy roars back to life, cybercriminals are using a new whirlwind of transactions as cover to launch an extraordinary number of bank fraud attacks. In just the past quarter, the number of attacks on banks ballooned by 159 percent. Continue reading “Article: Banking Attacks Surge Along with Post-COVID Economy”
Feedzai’s Financial Crime Report: Fraud rises by 159% Year on Year
Feedzai Inc, 02 June 2021
SAN MATEO, Calif. and LONDON, June 02, 2021 (GLOBE NEWSWIRE) — Feedzai, the world’s leading cloud-based financial crime management platform, has announced its Quarterly Financial Crime Report , an analysis of over 12 billion global banking transactions from January – March 2021. The report identifies trends in spending and in fraud attempts to show that this past quarter, as consumer activities increased, fraudsters attempted to hide their fraudulent transactions in legitimate banking. In fact, combining all banking fraud – internet, telephone, and branch – attacks grew a whopping 159% in Q1 2021 compared to Q4 2020.
Online banking made up 96% of all banking transactions and it accounted for 93% of all fraud attempts in Q1 2021. This leaves in-branch and telephone banking to make up the remaining 4%. And while the numbers are smaller, in-branch banking did increase by 442% this quarter compared with the last as a result of eased lockdown restrictions as businesses begin to open for trade. In addition, telephone scammers upped their efforts and the report shows a 728% increase in telephone banking fraud. Continue reading “Article: Feedzai’s Financial Crime Report: Fraud rises by 159% Year on Year”
Reports: Fraud a concern for merchants, brands
Kristina Knight, 20 May 2021
Online payment fraud could cost online merchants as much as $20 billion in 2021. That is a key takeaway from new Juniper Research data which predicts that the influx of inexperience digital shoppers during the pandemic could cause ecommerce fraud to skyrocket from $17.5 billion 2020 to more than $20 billion this year.
That would be an increase of about 18% YoY, much brought about by fraudsters who are targeting consumers who aren’t as savvy at protecting their financial information in the digital space. To staunch the flow – and to protect their shoppers, Juniper’s experts believe digital merchants must up their fraud prevention strategies across the ecommerce space, utilizing AI to spot potential fraudsters before damage can be done. Continue reading “Article: Reports: Fraud a concern for merchants, brands”
Fintech startup Feedzai valued at $1 billion in KKR-led funding round
Anna Irrera, 24 March 2021
LONDON (Reuters) – Financial technology group Feedzai said on Wednesday it had raised $200 million in a round led by investment company KKR valuing the startup at more than $1 billion.
Existing investors, including Sapphire Ventures and Citi Ventures, also participated in the round, the San Mateo, California-headquartered company said.
Feedzai develops artificial intelligence and machine learning technology that helps banks and other financial firms to spot and prevent payments fraud, money laundering and other types of illicit activities. Continue reading “Article: Fintech startup Feedzai valued at $1 billion in KKR-led funding round”