Online banking fraud attempts soar in 2020

Hot on the heels of yesterday's study revealing a lack of trust in online banking a report out today shows a 250 percent increase in attempted online banking fraud last year. The research from Feedzai shows a 200 percent increase in mobile banking use, but both telephone and branch fraud rates dropping to lower levels than they had been before the pandemic. There's also been a 650 percent increase in account takeover (ATO) scams across 2020, where fraudsters obtain stolen credentials, account information, and passwords belonging to legitimate users. Feedzai's fraud experts noticed an uptick in stolen credentials for sale… [Continue Reading]