Outseer™ Releases Latest Fraud & Payments Report Showing Authorized Push Payment (APP) Fraud is Rife
Outseer, the global leader in payments authentication and monitoring solutions, has published its latest 1H 2022 Outseer™ Fraud & Payments Report, showing the alarming power of social engineering and Authorized Push Payment (APP) fraud, with 75% of fraudulent online banking payments activity (based on $ value) originating from trusted accounts on trusted devices. This suggests that consumers are unwittingly parting ways with their money, having been duped by fraudsters' scams.
The 1H 2022 Outseer™ Fraud & Payments Report features insights from the Outseer Global Data Network™ used by the Outseer Intelligent Platform™ while authenticating billions of consumer transactions.
"Social engineering remains a key weapon in the fraudster's arsenal when it comes to fraudulent payments. We've all seen the news stories about APP fraud - such as romance scams and crypto fraud. But the fact that these attacks are getting more frequent, more sophisticated and make up three-quarters of fraudulent transactions should sound the alarm bells for banks," says Mark Crichton, Head of Product at Outseer. "Technologies like AI and machine learning help recognize unusual patterns in payments and prevent fraud at the source. Without these cutting-edge technologies, APP fraud will continue to thrive, and more and more customers will lose out."
Looking at the attack methods used by fraudsters, Outseer's data showed that brand abuse - such as fake social media profiles and websites aimed at gathering personal data - continues to be the dominant attack vector. Brand abuse made up 65% of fraudulent attacks observed by Outseer during the first half of 2022. According to Crichton "Fraudsters are increasingly turning to brand impersonation attacks, underscoring the need for companies to monitor brand abuse constantly and to deploy rapid takedown services when it does occur."
Other notable insights fom the 1H 2022 Outseer Fraud & Payments Report include:
To gain further insights and details into these findings, download the 1H 2022 Outseer™ Fraud & Payments Report here.
Outseer empowers the digital economy to grow by authenticating billions of transactions annually. Our payment and account monitoring solutions increase revenue and reduce customer friction for card issuing banks, payment processors, fintech providers and merchants worldwide. With more than 20 billion annual transactions and 1000+ global institutions contributing to the Outseer Global Data Network™, our identity-based science delivers the highest fraud detection rates and lowest customer intervention in the industry.