Learn more about Online Bank Fraud

There's no doubt that the technological advances and new forms of communication are leading us into an increasingly digital world. The ways people interact and communicate, the workplace and the very functioning of the economy and markets are all changing.
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Fraudsters are innovative and tireless in their efforts to steal funds and evade detection. They will exploit advances in technology such as Faster Payments and even love to shamelessly use an uncertain and fearful situation such as the current global Covid-19 pandemic to their advantage, employing the coronavirus as a method to swindle innocent people out of their money.
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Online banking fraud is all the rage and everything seems to point to the trend continuing in coming years. It may stop being a trend and become something structural, something that banks will have to deal with from here on out, in the same way that the online shopping format has already established itself as something intrinsic in new and future commerce.
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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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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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With an 8 percent increase on the previous year, identity fraud is on the rise. More fraud means more victims, but the victims do not exist without perpetrators and it’s important to understand exactly who these perpetrators are. The fraudsters fall broadly into three main types of fraud: those who commit first party, second party or third party fraud.
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Cybercrime seems very recent and modern, but at the dizzying pace everything happens today, this is a phenomenon that has already gone through several stages of evolution and development.
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When we’re on the subject of malware and cyber attacks, we usually focus our attention on cybercrime as a totally unknown, uniform entity. Nevertheless, cybersecurity specialists, such as buguroo’s team, are always mindful not only of the codes used to develop computer viruses, but also of the processes adopted to implement campaigns and the targets they were aimed at. It is these three elements ...
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The digital threat environment has intensified considerably over the last five years. Hackers orchestrated approximately 1,056 data breaches worldwide in 2013, making off with more than 575 million sensitive files, according to research from the information security company SafeNet. 
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