Bank Fraud Attempts Rise 35%, With 90% Occurring on Mobile Phones

    According to research by “BioCatch,” bank fraud attempts have increased by 35% over the past 12 months. Criminals are increasingly targeting people who use smartphones. Almost all such attempts now take place on mobile devices rather than via landline or email. The reason is that mobile banking apps make it easy and quick to transfer money.    Of all fraud attempts, 90 percent occur on mobile phones. Purchase scams are the most common. They account for 33 percent of all attempts. Schemes carried out under the guise of romantic relationships have increased by 23 percent in 1 year. Investment scams cause the greatest financial losses. The average amount lost in each incident is 6600 dollars (approximately 11 220 manat).    The number of fake offers advertised as job openings is also increasing. Fraudsters promise high salaries and good working conditions, then ask victims for money upfront. Artificial intelligence makes it easier for them to devise more numerous and convincing scenarios. Banks also monitor suspicious changes in customer behavior and try to determine before a transaction whether the customer is under pressure.    Fraudsters do not always need to hack a bank account using technical means. They apply pressure, rush people and frighten them into agreeing to send the money themselves. In investment and romance scams in particular, victims believe the payment is legitimate. Because of the convenience of mobile banking, such transfers are completed within a few minutes.    Countries apply different rules to protect victims in such cases. In the United Kingdom, some victims can get their money back. However, this measure only covers the financial loss incurred after the fraud. The main goal is to stop a suspicious payment before it reaches the criminal’s account and warn the user before they transfer the money.