Payment Fraud Attack Rate Across Fintech Increased by 70% in 2021

The index based on a global network of over 34,000 sites and apps and a poll of over 1,000 consumers, reveals that payment fraud attacks across fintech increased by 70% in 2021, the greatest increase of any category in the network. 

Payment fraud has increased in tandem with a whopping 121 percent year-over-year increase in fintech transaction volumes on Sift’s network, making this industry a tempting target for cybercriminals. These escalating attacks, as per this data, were mostly focused on alternative payments such as digital wallets, which witnessed a 200 percent increase in payment fraud, as well as payments service providers (+169 percent) and cryptocurrency exchanges (+140 percent). 

These approaches were targeted towards buy now/pay later (BNPL) providers, which showed a 54 percent increase in fraud attack rates year over year. Sift’s Trust and Safety Architects discovered a rising number of fraud schemes on Telegram in late 2021, providing unlimited access to BNPL accounts via fake credit card numbers and compromised email addresses, demonstrating the wide range of methods fraudsters use to target the whole fintech sector.

Along with a 23 percent increase in blocked payment fraud assaults in 2021, Sift noticed a network-wide rise in daily transaction volumes across all industries. Similarly, 49 percent of poll respondents indicated they’ve been a victim of payment abuse in the last one to t

[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.