Aktuelles
NICE Actimize 2024 Fraud Insights Report Shows Investment and Romance Scams Pose Increased Consumer Risk
September 2024 by NICE ACTIMIZE
NICE Actimize, a NICE business, has released "The 2024 NICE Actimize Fraud Insights Report, First Edition,” which explores the latest data behind the evolution of fraud attacks. The new report indicates that fraudsters continue to move away from Account Takeover (ATO) to Authorized Fraud and that there is also a shift in fraud typologies over the previous year, leaning toward an increased number of investment and romance scams.
Authorized fraud continued to rise across the globe in 2023. The fraud typology and payment type mix saw notable changes, particularly a continued shift away from account takeover (ATO) and P2P fraud towards authorized fraud, and domestic wire fraud, as well as continued growth of check & deposit fraud in North America. Attempted fraud increased in volume (+6%) but decreased by value (-26%). This change reflects the shift towards payment types and fraud typologies traditionally higher in volume and lower in value, as well as improvements in detection and prevention— especially in P2P.
“Financial institutions face a surge of fraud threats that require sophisticated, agile prevention. NICE Actimize embeds AI and other cutting-edge technologies into our enterprise fraud solutions to reduce these challenges,” said Craig Costigan, CEO, NICE Actimize. “By leveraging advanced AI for real-time detection, decisioning, and continuous adaptation, you can ensure fraud is identified quickly and is mitigated. With industry-wide collective intelligence, NICE Actimize provides a robust defense against evolving fraud tactics, safeguarding both institutions and banking customers.”
The NICE Actimize 2024 Fraud Insights Report’s data also indicated:
• Genuine transactions on P2P have surged 36% by volume and 38% by value. This shows that consumers value the benefits of faster payments and feel that they are safe to use, despite the constant talk of fraud.
• Web based P2P transactions constitute only 6% of the total P2P transaction volume yet have a fraud rate over 5X that of mobile based P2P transactions.
Leveraging NICE Actimize’s collective intelligence and Federated Learning, the report was created by analyzing billions of banking and payments transactions.
