Phishing is one of the oldest types of cyberattacks that can result in online banking fraud, and remains one of the most pernicious: nearly a third of all breaches last year involved phishing, according to a 2019 Verizon Report.
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.
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.
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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buguroo provides a complete solution in the market for combatting online banking or financial services fraud. It identifies the highest number of customer identity theft and manipulation attacks, using Behavioral Biometry and Malware Detection to alert upon detection of any anomalous behavior during the entire customer session, including the opening of new fraudulent accounts.