According to a cyber expert, the rate of online fraud attacks increased by 233 percent between 2019 and 2022.
The figure was included in the company’s recently released quarterly financial crime report, The RiskOps Age, which is based on an analysis of more than 18 billion global banking transactions from now until 2021.
The report sheds light on how financial crime evolved during the global COVID-19 pandemic by identifying trends in consumer spending and fraud attacks and comparing transactional intelligence from 2021 with data gathered over the previous three years.
A key finding in the report was that, while online transactions increased by 66%, online fraud attack rates increased by 233%. From 2019 to 2021, fraud targeting digital entertainment increased by 794 percent. Learn how 👉