Beware the smartphone security threat — new report claims most banking scam attempts now take place on mobile devices
90% of scams are taking place via mobile phone, with banking scams increasing of 35% over the previous year
Recent research from BioCatch reveals a concerning trend: most banking scam attempts are now targeting mobile devices. Over the past year, these scams have risen by 35%. While romance and investment scams are growing, the most common scam is purchase scams, making up 33% of all scam attempts.
The report highlights that 90% of all scams occur via mobile phones. Romance scams have increased by 23%, and investment scams are the most costly, with an average case value of $6,600. Scammers are increasingly employing artificial intelligence techniques to create more convincing scams, lowering the barriers for would-be fraudsters.
BioCatch's Director of Global Fraud Intelligence, Thomas Peacock, notes that social engineering scams remain prevalent and sophisticated. However, AI has made it easier for scammers to create convincing scams at an unprecedented scale. Banks, too, are using AI to detect signs of manipulation and coercion before victims authorize transactions.
The main risk in banking scams lies in scammers' persuasive strategies and the ease of moving money via mobile banking apps. Banks are struggling to prevent these scams, as scammers only need to persuade customers to move money, rather than break into accounts.
In the UK, victims can seek reimbursement, but this does not stop a scam from succeeding. The priority is preventing payments from reaching the criminals. The key message is that everyone must be aware of the risks associated with banking scams.
Written by urgent.news from TechRadar's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
