People are now using digital methods for financial services because these are easy, and a faster way to transfer money from one place to another. Especially, during the pandemic situation, more people are using the online method for their transactions such as online payments for shopping, fee payments, and much more. According to a report, millions dollars of online transactions occurred every single day and in 2021, digital payments may hit a whooping $6.6 trillion
Many criminals are using different techniques for scam. The data from Transunion shows that the rate of fraud attempts online against monetary transactions in the US has increased up to 109% when it is compared with the online fraud ratio of last quarter of the year 2020, and if we talk about the percentage of online frauds attempts across the world this goes almost 150% which is an alarming situation.
The percentage of online financial frauds is increasing day by day, and many…