Expert Reaction On Researchers Find Fraud Increasing

According to Javelin’s 2020 Identity Fraud Report, financial institutions’ methods to identify and respond to fraud are no match for criminals’ high-tech schemes to hijack consumer accounts. Fraud losses grew 13 percent in 2019 to $16.9 billion even as instances of fraud fell from 14.4 million in 2018 to 13 million in 2019, which resulted in consumers facing $3.5 billion in out-of-pocket costs last year as criminals shifted their focus from card fraud to opening and taking over accounts.

PerimeterX researchers are finding similar attacks in related industries.


EXPERTS COMMENTS
Ameet Naik, Security Evangelist ,  PerimeterX
April 09, 2020
We are entering another week of the social distancing effort to fight the coronavirus.
We are entering another week of the social distancing effort to fight the coronavirus. We’ve seen increased attacks across many verticals, as outlined in our blog series COVID-19: Data Tells the Story. We are seeing that along with the expected surge in web traffic to e-commerce sites, there is a marked increase in automated fraud, contributing to account takeover (ATO) attacks. For example, in ....
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