According To 64% Of Fis, Attacks On Credit And Debit Cards Have Increased

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The already contentious fight between fraudsters and financial institutions (FIs) grew even more acrimonious with the emergence of eCommerce during the pandemic and the acceptance of alternative payment methods. This laborious game of whack-a-mole keeps the fraud fighters busy, but their adversaries never stop.

In “The State Of Fraud And Financial Crime In The U.S.,” cooperation between Featurespace and FIs, surveys of more than 200 executives working at FIs with assets of at least $5 billion is used to examine this.

From the macro perspective, we discovered that 66% of respondents “identified cumbersome regulatory requirements as a hurdle limiting CEOs from experimenting with new technology choices to safeguard their firms. 

That’s significant since the epidemic era’s wave of online fund theft needs to be contained, which calls for modern anti-fraud defenses.

When pursuing their evil trade, thieves have certain go-to payment methods and even specific FI kinds. We discovered that credit cards were a popular target for fraudsters because 64% of FIs “reported an increase in fraud assaults utilizing them. 

In contrast, 52% of FIs observed an increase in debit or prepaid card assaults. Additionally, we discovered that 32% of businesses observed a rise in fraud rates associated to Venmo payments and 51% of businesses saw an increase in fraud rates related to Zelle payments.