PRESS RELEASE
TORONTO, Oct. 30, 2024 /PRNewswire/ — In 2024, Canadian banks have seen simply 34% of the reported fraud instances they skilled a yr in the past. And but, Canadian retail banking prospects seem on tempo to lose as a lot as or greater than the $569 million they misplaced to fraud in 2023 (triple what they misplaced in 2021). BioCatch – the worldwide chief in digital fraud detection and monetary crime prevention powered by behavioral biometric intelligence – says these findings counsel fraudsters have altered their methods, honing assaults to focus on fewer Canadians for more cash per rip-off.
“Whereas fraud volumes have decreased considerably during the last yr, we’re observing a rise within the common worth of those instances,” BioCatch Director of World Fraud Intelligence Tom Peacock stated. “We are able to attribute a lot of this to the rise in social engineering scams in Canada, notably impersonation scams, that are notoriously larger worth than different fraud sorts. Greater than 70% of impersonation rip-off losses in Canada originate from five-figure instances, vastly boosting the nation’s scam-loss common.”
BioCatch’s 2024 Digital Banking Fraud Tendencies in Canada report, additionally highlights that the majority Canadian fraud victims at the moment are ages 20-49 as a substitute of 50-89, debunking the frequent false impression that older folks present simpler and extra profitable targets.
“Synthetic Intelligence is super-charging fraud,” BioCatch World Advisory Director Seth Ruden stated, “compounding its impression, and permitting unhealthy actors to scale and sophisticate their scams with deepfakes and different gadgets. Because the {industry} deploys the latest authentication strategies in each account opening and account takeover processes, fraudsters will undoubtedly assault these as properly.”
BioCatch additionally discovered one in seven rip-off periods in Canada confirmed indicators of distant entry trojans (RAT), whether or not energetic RAT (the place the fraudster methods the sufferer into granting them management of the session to allow them to execute the fraud themselves) or passive RAT (the place the fraudster guides the sufferer by cost course of).
Click on right here to entry BioCatch’s full 2024 Digital Banking Fraud Tendencies in Canada report.
BioCatch fraud prevention consultants Tom Peacock and Seth Ruden will maintain a reside dialog in regards to the development of social engineering scams in Canada and the opposite newest fraud developments within the nation on Nov. 14. To register for that unique session, click on right here.
About BioCatch:
BioCatch stands on the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in superior cognitive science and machine studying. BioCatch analyzes hundreds of consumer interactions to assist a digital banking setting the place identification, belief, and ease coexist. At present, 32 of the world’s largest 100 banks and 210 whole monetary establishments depend on BioCatch Join™ to fight fraud, facilitate digital transformation, and develop buyer relationships. BioCatch’s Shopper Innovation Board – an industry-led initiative that includes American Specific, Barclays, Citi Ventures, HSBC, and Nationwide Australia Financial institution – collaborates to pioneer artistic and revolutionary methods to leverage buyer relationships for fraud prevention. With greater than a decade of knowledge evaluation, 92 registered patents, and unmatched experience, BioCatch continues to steer innovation to handle future challenges. For extra data, please go to www.biocatch.com.
