Banks are reporting a tenfold surge in digital scams, cybersecurity firm BioCatch says

Published On Nov 13, 2024, 9:00 AM

Banks in the U.S. and Canada are experiencing a tenfold increase in digital scams, particularly as fraudsters use social engineering tactics to convince individuals to send them money, according to cybersecurity firm BioCatch. This rise in scams coincides with banks enhancing their security measures, which has led criminals to pivot towards manipulating users over bypassing technical controls. Platforms like Zelle have become preferred targets for scams due to their rapid transaction speeds. The surge in reported scams is also partly attributed to banks identifying previously unflagged fraudulent activities amid growing regulatory pressures. Major banks have reported significant fraudulent transactions via Zelle in 2023, highlighting the magnitude of the issue.