Criminals are pivoting from traditional Remote Access Scams (RAT) to sophisticated Social Engineering Scams, by highly-organised “call center gangs” targeting victims globally. BioCatch’s Banking Fraud Trends report exposes a sophisticated and evolving landscape of fraud and cybercrime, which is having a devastating impact on victims.
The types of organised crime are evolving and crossing a different threshold from sex trafficking to call centres, applying social deception techniques in serious crime scenarios to places like call centres which target victims over the phone and popular communication apps like WhatsApp. The report demonstrates the growing profits from a rise in scams in the APAC region which have risen by 200% from 2022 to 2023.
In the APAC region, identity technologies are solving and preventing problems like fraud and identity theft across most customer-facing services such as banking, government services and travel. In the Asia Pacific, the digital identity solutions market is projected to see a growth margin of 18.5% CAGR during the forecast period from 2022 to 2028, but the threat remains persistent across geographies.
Financial institutions are cracking down on mule accounts that are used in criminal activity to receive money transfers from various individuals and businesses. With the rise of bitcoin or cryptocurrency, the ways customer can be defrauded multiply for both real-time and electronic transactions.
The report examines familiar techniques that deploy deceptive tactics such as phishing and malware tools engineered for credential harvesting and taking over accounts. Fraudsters will typically begin asking for small amounts and eventually swindle more money from the payee after trust is established.
BioCatch’s findings suggest that older people are most likely to be the victims of this type of crime which engineers trust remotely, making it more difficult for physical banks to intervene and stop a scam.