Criminals are currently on a global digital crime spree. From identity theft and phony account openings to credit card fraud and P2P scams, nearly every sort of financial crime is on the rise. Experts say the rapid shift to digital channels since the pandemic has led fraudsters to seek new vulnerabilities and opportunities.
In this rapidly evolving environment, yesterday’s defenses and responses may no longer be sufficient.
Understanding the Scope of the Problem
Data indicates that fraud — banking’s age-old nemesis —has become worse and more complex since the start of the pandemic due to rapid digitization. Consumers are engaging in online shopping, mobile banking, and mobile payments at a far higher rate than they were pre-pandemic.
“Digitization has led people to pay in different ways,” Joe Gillespie, Founder and President of riskCanvas, told The Financial Brand. “You’re seeing…