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According to a recent report, more than half of all fraud cases among Indian customers are due to account takeover. The findings come after the Reserve Bank of India (RBI) recommended that the country’s financial institutions abandon text-based one-time passcodes as a secure authentication method.
This report details the latest fraud risks and prevention strategies of the nation’s banks that are rapidly implementing digital transformation strategies, analyzing more than 350 million sessions in December alone. .
Below are some of the key findings from the report.
1. Account takeover attacks still dominate: Accounting for 55% of all fraud in India, third-party account takeover scams remain a large slice of the fraud pie, making BioCatch one of the most social engineering scams, which we’re seeing exploding in places.
2. Lava is an underreported epidemic: Every device found to be participating in Lava activities in India was logged into an average of 35 accounts each.
3. Fraudsters may be accessing Indian Lava accounts from abroad: 86% of the first sessions of documented Lava account activity came from within India, but 1 After a month, that number had dropped to just 20%, and 16% of those sessions were using a VPN. .
4. BioCatch customers had more mule activity in Bhubaneswar than elsewhere in the country (14% of total).
5. Lucknow and Navi Mumbai accounted for 3.4% of the recorded mule activity, two West Bengal cities, Bhagavatipur and Govindapur, accounted for 1.7% and 2.6%, Mumbai 2.2% and Bengaluru 1.8% and Kathak accounted for 1.6%.
The report highlights the urgent need for Indian banks to strengthen their defenses against fraud. Financial institutions in the region are employing integrated, advanced solutions to successfully detect and prevent an ever-evolving set of threats.
This report is by BioCatch, a company that leverages behavioral biometric intelligence to detect digital fraud.
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