Global scam attempts grew 65% over the past year
Security Brief Australia | Scam attempts have risen 65% globally over the past year, according to new research from BioCatch. SMS-based phishing, or smishing, has increased tenfold.
The Global Anti-Scam Alliance estimates that consumers lose $1.03 trillion to scams annually. And the losses continue to grow. Transnational organized crime is reportedly responsible for most of the crimes targeting consumers and financial services organizations.
“Entire cities are now dedicated to scams, operating openly, protected, and expanding.”
A bit of good news: The study showed a 15% decline in impersonation scams.
Unfortunately, the research reveals significant growth in multiple types of scams targeting bank customers worldwide. BioCatch investigated data supplied by financial institutions that serve almost 350 million consumers globally. Some of the trends over the past 12 months:
Reported scams in Europe have nearly doubled.
Voice-based phishing, also called vishing, has increased by 100%/
Romance scams have risen 63%.
Investment scams, including cryptofraud, rose 42%/
Purchase scams increased by 14%.
Full article: Global scam attempts jump 65% as banks tackle new fraud risks
