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Tenfold Surge in Bank Digital Scams

A cybersecurity firm reports a tenfold surge in digital scams targeting US and Canadian banks in 2023, driven by the rise of social engineering and the use of platforms like Zelle.

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United States

Us PoliticsCybersecurityCybercrimeFinancial SecurityOnline PaymentsFraud PreventionRegulatory Pressure

BiocatchAmerican ExpressBarclaysHsbcJpmorgan Chase

Tom Peacock

Why are criminals increasingly using Zelle for their scams?: The preferred method for criminals is Zelle due to its faster transaction speeds compared to other remittance options. This speed enables fraudsters to quickly extract funds before detection, making it a highly attractive tool for these scams.
What are the consequences for banks facing increased digital scams?: The rise in digital scams has put banks under pressure to improve security, compensate victims, and face potential penalties from regulators like the Consumer Financial Protection Bureau (CFPB) for their roles in payment networks like Zelle.
What is the main finding of BioCatch's report on digital scams targeting banks?: BioCatch reported a tenfold increase in digital scams targeting US and Canadian banks in the first three quarters of 2023. This surge is attributed to fraudsters shifting from account takeovers to social engineering scams, which manipulate victims into sending money directly.
Why is there a discrepancy between Zelle's fraud reports and BioCatch's findings?: While Zelle's owner reports a decrease in scam reports, BioCatch's findings show a significant increase. This discrepancy might be due to increased identification of scams by banks under regulatory pressure, leading to a higher reporting rate.
How are criminals adapting their tactics in response to increased bank security measures?: Criminals are adapting to increased security measures by focusing on social engineering, tricking victims rather than attempting to bypass technological controls. This shift highlights the vulnerability of human factors in cybersecurity.

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