Fraud attacks skyrocketed in 2020, Feedzai report

Feedzai’s data from financial transactions across the world shows a stark difference in consumer behavior and financial crime in the Asia-Pacific (APAC) region as compared to Europe (EU) and North America (NA). A clear image appears – a hyper-digital world where east and west are in different recovery stages, reflecting different regional financial crime trends. Overall, 2020 allowed fraudsters to rejoice at the rapid shift to digital banking and commerce while consumers got swindled by purchase, impersonation, money mule schemes, and account takeover scams.

The report’s key takeaways are:

• 650% Increase in Account Takeover (ATO) Scams in Q
• 250% Increase in Online Banking in Attempted Fraud on Online Banking
• 178% Fraud Rate Increase for Digital Media
• 48% Drop in Card Present Fraud Attacks; Volume Only Drops 20%
• Card not present Transactions Drive 70% of Fraud Attacks

• Impersonation Scams – 23%
• Purchase Scams – 22% 
• Account Takeover Scams – 22%
• Investment Scams – 6%
• Romance Scams – 3% 

• Rapid Movement of Funds
• Transactions in Same or Similar Amounts
• High-Risk Geography 
• Activity in Dormant Account
• Transactions in Round Amounts