COVID-19 Is Changing Fraudster Behavior. How Will This Impact Your Industry
People are sheltering in place and the economy has come to a halt. But that hasn’t stopped the fraudsters -- they’re simply adapting.
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Fraud Impact on 5 Industries
In the wake of the COVID-19 outbreak, people around the world have had to change their behavior. Travel, shopping, and other daily activities have come to a halt. But fraudsters looking to take advantage of increased online activity are hard at work, wreaking havoc on businesses across the globe. In fact, fraud rates are increasing in five key industries: financial services, e-commerce, social platforms, travel and mobile gaming.
Top 3 Activities with the Highest Surges in Fraud
Fraudsters remain extremely active. As governments around the world issue financial aid and stimulus packages to mitigate the financial impact of the coronavirus outbreak on individuals and businesses, fraudsters are already exploiting the situation to cash out.
Top 3 Fraud Techniques on the Rise
DataVisor’s machine learning solution reveals that attack patterns are changing over time. Specifically, device spoofing (likely using emulators) and third-party fraud are on the rise. Attacks that manipulate content (usernames, email addresses and mailing addresses) are also finding their way into the financial domain, with a slight increase in March.
Recommendations for Your Businesses
COVID-19 has put intense pressure on financial services and insurance companies to protect their organizations from fraudsters. DataVisor outlines key steps to mitigating risk, including leveraging machine learning and centralized intelligence to uncover patterns in real-time – and stop digital fraud at the gate.
" From smallpox to SARS to Ebola, humans have been fighting viral outbreaks for centuries. Although it’s impossible to predict a global pandemic, from our work in the field of fraud prevention, we know that technology can empower us to prepare for the unknown, whether in the human world or the digital one.
We can address new threats proactively, in an objective manner, before they result in damage."
Yinglian Xie
CEO and Co-Founder at DataVisor
E-Commerce
Travel
Mobile Gaming
Social
Financial Services
40%
I N N E W A C C O U N T F R A U D
2x
I N T R A N S A C T I O N F R A U D
Attacks with Content Manipulation
Attacks with Spoofed or Emulated Device Info
Third-Party Fraud Attacks
Fraud Trends and Threats During COVID-19
20%
I N A T O A T T E M P T S