Digital fraud trends for 2021 in payments

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The events of 2020 created no shortage of challenges for fraud teams. With quarantines and lockdowns looming for much of the year, millions of consumers turned to digital channels to purchase items and conduct business, opening new opportunities for fraudsters.

Online spending reached more than 18% of total retail sales in the first two quarters of 2020, up from 14% in 2019, according to DATAVISOR.

Many businesses shifted to a remote work model, meaning more people were spending more time online without the safety net of a company firewall. The sudden shift left many businesses struggling to cobble together a remote work technology stack, leaving very little time for research, testing, and security best practices.

IT departments were left to figure out how to safeguard internal resources via fragmented teams. Good communication became more mission-critical than ever, and call centres, live chats, social media, and email served as important albeit vulnerable vehicles.

What is more, a heavier emphasis has been placed on mobile technology for consumers, companies, and employees alike.

Mobile is increasingly growing in the market, changing everything from how we bank to how we shop. Mobile banking apps account for the third most used app by adults, with more than half of all Millennials having already adopted mobile banking.

Mobile technology is also allowing remote work to thrive and helping to keep teams united, as well as serving as a critical line of connection to customers during uncertain times.

With such major changes in a short time span, it’s no surprise that fraudsters were eager to evolve their attacks and exploit gaps in defences. Using data collected from the previous several months, we can start to understand the current fraud landscape and what might come next.

Here is a closer look digital fraud trends from 2020 as we head into 2021:

 

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