Learn more about Online Bank Fraud

Every day, people use their laptops and phones for private tasks, such as online banking, and they input confidential or sensitive information, such as login details and passwords. Here is where Remote Access Trojans (RATs) come into play.
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While nations around the world are doing all that they can to lessen the Roboto of the coronavirus pandemic, fraudsters – true to form – have identified it as an opportunity to make money and are actively using COVID-19 as a way to cash. Indeed, in February in the UK alone, Coronavirus-themed scams targeting both individuals and companies caused losses of over £800,000 (the equivalent of nearly ...
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Criminals no longer need to physically rob a bank to steal money; they can do it online where it is quicker, easier, and they are much more likely to get away with it. And even as anti-fraud technology develops in its attempts to counteract online banking fraud, fraudsters are evolving too, creating a never-ending cycle of attacks.
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Currently, Information Technologies (IT) are present in many of the activities we perform in our everyday lives. They have long been the basis of our interpersonal communication and are increasingly used for various personal and economic functions, mainly for our financial transactions.
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Do you know what Authorized Push Payment or APP fraud is? Imagine this scenario: you’re getting an extension on your house, and after the building work is complete, you receive an email from an account bearing your builder’s name with an invoice attached showing the amount you agreed to pay for their labor.
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Banks are shutting down tens of thousands of accounts every year due to suspected fraud; on average, Santander closes down 24,000 accounts each year, and just under half of all those are suspected mule accounts – a huge proportion.
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One of the most prolific cyber-attacks in recent times is spear phishing, a subtype of phishing that mainly targets companies' senior management in order to obtain greater benefits compared to massive traditional phishing campaigns.
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As banks strive to make online banking even easier and payments even faster for their customers, they also face a race against the clock to keep their security up-to-date and compliant. Here are three fraud trends we expect to see move up the banking industry’s agenda in 2020.
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New account fraud, also known as Account Opening Fraud or Online Account Origination Fraud, is when fraudsters use stolen or synthetic identities to open new bank accounts, with a view to maxing out their credit limits before disappearing into thin air, usually within 90 days.
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The year 2020 is just a short step away, and the world of cybersecurity has changed a lot in the last 10 years. Thousands of threats of different types have appeared and been developed, and companies and users constantly try to cope with them as part of everyday cyber life.
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