The report offers a comprehensive perspective of the prevailing fraud landscape and trends in North America leading into Q1 2024, including how the rise of mobile banking has led to corresponding technical and human vulnerabilities for fraudsters to exploit.
Mobile Fraud on the Rise: mobile banking rates increased from 54% in 2022 to 73% in 2023, leading to a rise in mobile fraud attacks from 47% to 61%.
Check/Deposit Fraud Takes the Lead: fraud in deposit accounts is the number one fraud type across North America (including fraudulent account openings and account takeovers), with one million cases seen across its customers in H1 2023.
Zelle Fraud Is Rising: fraudulent transfers using Zelle increased by 4% in 2023, with over 30,000 cases seen in H1.
Fraudsters Shift from Bots to Emulators: a BioCatch case study shows a decrease in bot attacks and a sharp rise in mobile emulators against five North American banks, with one bank reporting 1584 more emulator attacks in 2023 compared to 2022. The data indicates that fraudsters are quickly favouring emulators to evade traditional defensive controls, reinforcing the effectiveness of behavioural biometric intelligence.
Attack Differences in the U.S. and Canada: in the US, criminals favoured bot attacks at account opening, check and deposit fraud, digital transfers, and mule accounts. Data from Canada shows a preference for voice scams impersonating government bodies, targeting mobile devices, investment and romance scams, phishing attacks, and mule accounts.
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