Coronavirus digital pay spike invites account takeover fraud

Payments
Articles

According to Javelin Strategy & Research, account takeover hit an estimated 3.6 million victims in 2018. This is up from 1.4 million victims two years prior.

As digital transactions during the coronavirus crisis surge, account takeover will be used to access goods and services without much resistance. Fraudsters will look to hide in numbers, especially when purchasing in-demand items that they can resell, such as face masks, disinfectants, etc.

With the increase in online activity because of Covid-19, the coronavirus, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied.

To learn more, read the full article here.

Consumer Scams Rising in Velocity and Sophistication_Press Release
Identity
34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds

GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.

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Identity
The Impact of Identity Theft and Scams in 2021

virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud
challenge?

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