Banking scam fraudsters are increasingly focusing on mobile devices, with a 35% increase in such scams over the last 12 months. Rather than attempt to con victims via landline or email, banking scams are now almost wholly aiming at mobile devices, from where victims can easily transfer money, based on information published by Tech Radar.
New research indicates that 90% of all scams occur via mobile phones. While purchase scams are the most common, accounting for 33% of all scam attempts, banking scams represent a significant challenge. Romance scams have increased by 23% in the last year, and investment scams are the most costly, with an average case value of $6,600. Scammers are leveraging artificial intelligence to create more convincing fraudulent schemes at an unprecedented scale. This trend is prompting banks to enhance their use of behavioral intelligence to detect signs of manipulation before a transaction is authorized. The ease of mobile banking apps, while convenient for legitimate users, also facilitates scammers who persuade customers to move money themselves rather than breaking into accounts. In the UK, while reimbursement policies exist to protect victims financially after a scam, the priority is shifting towards preventing payments from reaching criminals in the first place.
Source: Tech Radar
