Mobile Devices Driving Fraud Growth

Mobile Devices Driving Fraud Growth

July 21, 2022

Fraud targeting mobile devices is driving a 19 percent increase in the total cost of fraud for U.S. retailers, according to a new report.

In its Global Banking Fraud Index: The Cost of Fraud to Banks & Organizations, antifraud technology provider SEON found that mobile fraud is driving a huge surge in fraud for both banks and merchants. Online banking, which a quickly increasing percentage of users are accessing via mobile device, accounted for the largest share of fraud loss in the U.S. in 2020 and 2021.

“Alongside documenting some of the most significant increases in different forms of fraud, the new report highlights the general direction that fraud is trending in within the United States, and the United Kingdom,” said Gergo Varga, product evangelist at SEON and author of the report. “The pandemic has clearly pushed consumers and fraudsters towards digital transactions, which has in turn resulted in a major surge in mobile fraud that must be recognized by businesses and consumers alike.”

The report found monthly fraud attacks on U.S. retailers have increased in both volume and success. The number of fraud attacks has grown from 1,384 in 2019 to 1,740 in 2021. Fifty percent of attacks in 2021 were successful, compared to 41 percent in 2019, showing attacks are becoming harder to prevent.

To access the full report, click here.

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